Sanofi to buy vaccines biotech group Protein Sciences for $650m, maybe more
Under the terms of the agreement, Sanofi will make an upfront payment of $650 million for Protein Sciences, and pay up to $100 million upon the achievement of certain milestones.
"The acquisition of Protein Sciences will allow us to broaden our flu portfolio with the addition of a non-egg based vaccine," said David Loew, Sanofi executive vice president and head of Sanofi Pasteur, the company's vaccines arm.
Sanofi missed out to Johnson & Johnson on buying Switzerland's biotech Actelion in January - a $30 billion deal - and was also beaten in August last year by a $14 billion bid for cancer specialist Medivation from Pfizer. ■