By Cecilia Butini 
 

French pharmaceutical major Sanofi SA said Wednesday that it has entered into a definitive agreement to acquire U.S.-based biopharmaceutical company Kadmon Holdings Inc.

Sanofi said that holders of Kadmon common stock will receive $9.50 a share in cash, representing a total equity value of about $1.9 billion on a fully diluted basis.

The company said that the acquisition supports its strategy to strengthen growth in its transplant business and to continue to expand its general medicines core assets. As a result, Sanofi said it will immediately add Rezurock--a drug used in the treatment of post-transplant graft-versus-host disease--to its transplant portfolio.

Sanofi said it plans to finance the transaction in cash, and that it expects to close it in the fourth quarter of 2021, pending customary closing conditions.

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

September 08, 2021 01:36 ET (05:36 GMT)

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