Dec. 9 (UPI) -- French pharmaceutical giant Sanofi SA said Monday it will buy California-based biotechnology firm Synthorx for $2.5 billion.
Sanofi said it anticipates taking control of all outstanding shares of Synthorx at $68 per share, in cash.
"This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation," Sanofi CEO Paul Hudson said in a statement.
"Additionally, it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations."
Synthorx is a clinical-stage biotech company focused on prolonging and improving the lives of cancer patients and those with autoimmune disorders. The firm's leading immuno-oncology product candidate, THOR-707, is in clinical development and could be used for the treatment of solid tumors with fewer doses.
Sanofi had revenues totaling $42 billion in 2018 and has more than 100,000 employees around the world. It is a major firm in the vaccine market and creates treatments for diabetes, cancer, blood disorders, asthma and dermatitis.