Jan. 22 (UPI) -- Paris-based pharmaceuticals maker Sanofi SA announced the acquisition of Bioverativ Inc. on Monday in a $11.6 billion offer.
Sanofi said it will pay $105 per share for the Massachusetts-headquartered Bioverativ, a 64 percent premium over Biovertiv's NASDAQ closing price of Friday. Bioverativ's stock value rose 62 percent in overnight trading on Monday.
A Sanofi statement on Monday acknowledged its new acquisition's leadership in hemophilia treatment pharmaceuticals, regarded by Sanofi as a growing market. In the deal, a statement release Monday said, "Sanofi enhances its presence in specialty care and leadership in rare diseases, in line with its 2020 Roadmap, and creates a platform for growth in rare blood disorders."
Sanofi's specialty is diabetes care products, a market with declining profits. The agreement ends a two-year search by Sanofi to find a biotech deal. Bioverativ was formerly a division of Biofen Inc. and was spun off as a separate company in 2017. Its main products are the hemophilia drugs Eloctate and Alprolix. The company also has experimental treatments for thalassemia, an inherited disease marked by excess iron in the blood, and sickle cell anemia.
With approximately $10 billion in annual sales and 181,000 people affected worldwide, hemophilia treatment the largest market for rare diseases and is expected to grow seven percent per year through 2022 the Sanofi statement said.