=Ablynx (ABLX) to be acquired by Sanofi (SNY) for 3.9 bln

Ablynx trading 16% higher in pre-markets after Sanofi announced it will acquire Ablynx for 3.9 bln

Recap: (ABLX currently trading 55.40)

• Sanofi and Ablynx, a biopharmaceutical company engaged in the discovery and development of Nanobodies, entered into a definitive agreement under which Sanofi will offer to acquire all of the outstanding ordinary shares, including shares represented by American Depositary Shares, warrants and convertible bonds of Ablynx at a price per Ablynx share of 45 in cash, which represents an aggregate equity value of approximately 3.9 billion. The transaction was unanimously approved by both the Sanofi and Ablynx Boards of Directors.
  • See SNY 5:01
• Novo Nordisk A/S announced that it does not intend to make a revised proposal for Ablynx
  • Novo Nordisk notes the announcement of Sanofi's agreed acquisition of Ablynx. On 8 January, Novo Nordisk announced its proposal to acquire Ablynx for up to EUR 30.50 per share in cash, consisting of EUR 28.00 upfront and EUR 2.50 in Contingent Value Rights.
  • Novo Nordisk confirms that it will not be making a revised proposal.

Novo Nordisk A/S announced that it does not intend to make a revised proposal for Ablynx  

• Novo Nordisk notes the announcement of Sanofi's agreed acquisition of Ablynx. On 8 January, Novo Nordisk announced its proposal to acquire Ablynx for up to EUR 30.50 per share in cash, consisting of EUR 28.00 upfront and EUR 2.50 in Contingent Value Rights.
• Novo Nordisk confirms that it will not be making a revised proposal.

Analysts at Jefferies put out a note this morning, saying: "We doubt counteroffers will emerge: This is the second acquisition by Sanofi this month in Orphan diseases and hematology, hot on the heels of Bioverativ (BIVV, $103, Hold) for $11.6bn. Ablynx's lead product caplacizumab for rare blood disorder acquired thrombotic thrombocytopenic purpura (aTTP) should complement this franchise, in our view. Sanofi management also states it intends to maintain and support the Ablynx facility in Ghent, Belgium, and has other R&D programs in RSV suggesting interest in anti-RSV NanoBody ALX-0171. Given these synergies and the agreed nature of the deal, we do not expect counterbids from rivals.