Sanofi to buy vaccine maker Acambis
LONDON (Reuters) - Sanofi-Aventis (SASY.PA) agreed on Friday to buy vaccine maker Acambis ACM.L for 276 million pounds, in a deal highlighting big drug companies' hunger for biotech assets.
The acquisition of Acambis -- a long-term partner on several projects -- was a "logical step" for Sanofi, said Wayne Pisano, head of the French group's vaccine division, Sanofi Pasteur.
Sanofi is already one of the world's top vaccine producers and buying Acambis brings it new products and technologies in several key areas.
Sanofi is offering 190 pence in cash for each Acambis share, a 64 percent premium to the stock's closing level on Friday.
"It's a very good deal for Acambis, given the prospects for that company's shares," said Canaccord Adams analyst Guillaume van Renterghem.
An alternative offer looks unlikely, since Sanofi has already received irrevocable undertakings from top shareholders Invesco Asset Management and Goldman Sachs, who together hold 42 percent of Acambis stock.
The deal is expected to close by the end of September.
Vaccines -- seen in the past as a low-margin, low-growth business -- have become a target of increased investment by pharmaceutical companies in recent years, reflecting scientific breakthroughs and the development of more profitable products. Continued...
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