Synthorx Inc (NASDAQ: THOR) has been on an uptrend since November. At the moment, the stock is trending on news of a buyout. Today, Sanofi has announced that it had agreed to buy Synthorx Inc in cash. The deal is worth $2.5 billion and is aimed at strengthening the French drug maker’s presence in the development of treatments for auto-immune diseases and cancer.
The deal will see Sanofi buy all outstanding THOR shares or $68 per share. This is a significant premium and stands at 172% of the price that the stock closed at on the 6th of December 2019. According to Sanofi’s CEO, Paul Hudson, the acquisition of Synthorx will help align the company with its goal of developing an oncology franchise with the potential for new medicines.
A month ago, Synthorx announced that it was making progress in its goal of developing a new biologics known as Synthorins. At the time, the CEO stated that, the company had presented data on its candidate immune-oncology candidate called, THOR-707. He added that, the product was in the Phase 2 trial for the treatment of Metastatic solid tumors. On top of that, the CEO stated that, they had initiated data on THOR-809. This is the company’s pre-clinical treatment for auto-immune disorders. The company also announced that it had received clearance from the FDA for its solid tumors treatments.
Looking at the charts, THOR closed Friday’s session at $25.03. It traded between a low of $23.73 and a high of $25.56. Volumes stood at 216.81k. In Monday’s session, THOR’s price will reflect the reality of a $68 per share buyout.
About Synthorx Inc
Synthorx Inc is a biopharma company that develops treatments for autoimmune diseases and cancer. The company’s lead treatment candidate is THOR-707, a treatment for solid tumors. The company has is its headquarters in La Jolla, California.