- Sanofi, Translate Bio developing potential COVID-19 vaccine
- Sanofi board discussed deal on Sunday
- U.S. biotech company’s shares soar more than 70% after report
- Financial terms not known
PARIS, Aug 2 (Reuters) – Sanofi (SASY.PA) has offered to buy U.S. biotech company Translate Bio (TBIO.O), two sources familiar with the situation said on Monday, as the French drugmaker bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race.
Shares in the New York-listed biotech company soared more than 70% to above $50 in extended trading, building on the big gains in the stock as investors have piled in to the sector amid a rush to develop vaccines and treatments to tame the pandemic which has killed 4.3 million and roiled the global economy.
An offer for all Translate Bio shares had been made to the U.S. group’s shareholders, the sources said. The persons declined to be identified due to the confidentiality of the talks.