Synthorx, Inc. THOR shares are trading sharply higher after the company announced it would be acquired by Sanofi SNY for $68 per share in cash, which represents an aggregate equity value of $2.5 billion.
Sanofi expects to complete the acquisition in the first quarter of 2020. The transaction was unanimously approved by both the Sanofi and Synthorx boards of directors.
"This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10. Additionally, it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations," Paul Hudson, CEO of Sanofi said in a statement.
Synthorx shares were trading up 167.68% higher at $67 in Monday's pre-market session. The stock has a 52-week high of $26.78 and a 52-week low of $11.
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