Sanofi has completed the acquisition of messenger RNA (mRNA) therapies firm Translate Bio to expedite the use mRNA technology for the development of treatments and vaccines.
The latest move follows a definitive agreement signed by the company to acquire all outstanding shares of Translate Bio last month.
This acquisition will support Sanofi’s recently established mRNA Center of Excellence, which is dedicated for the development and delivery of next-generation vaccines using mRNA technologies.
The company also aims to use the mRNA technology in other strategic areas including immunology, oncology, and rare diseases in addition to vaccines.
Under the terms of the deal, Sanofi has acquired all Translate Bio’s outstanding shares for $38 per share in cash.
For the transaction, Morgan Stanley & Co. International served as an exclusive financial advisor while Weil, Gotshal & Manges acted as legal counsel to Sanofi.
Centerview Partners served as lead financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison as legal counsel to Translate Bio.
Evercore and MTS Health Partners have provided financial advice to Translate Bio for the deal.
Sanofi and Translate Bio have signed a collaboration and exclusive license agreement in June 2018 to develop mRNA-based vaccines.
The companies expanded the agreement last year to broadly address existing and future infectious diseases.
Under the collaboration, Sanofi and Translate currently have two ongoing mRNA vaccine clinical trials.
The Covid-19 vaccine Phase I/II trial is underway with results expected in the third quarter of this year and the other is a Phase I trial of an mRNA seasonal influenza vaccine with results anticipated in the fourth quarter.