(RTTNews) - Sanofi (SNYNF, SNY), on Friday, said it intends to commence a tender offer to acquire all of the outstanding shares of common stock of Principia Biopharma Inc. for $100 per share in cash, without interest thereon and net of any applicable withholding taxes.
Sanofi agreed to buy Principia in mid-August. The Offer is being made pursuant to the Agreement and Plan of Merger by and among Principia, Sanofi and Kortex Acquisition Corp., a Delaware corporation and an indirect, wholly-owned subsidiary of Sanofi.
Upon completion, Kortex would merge with and into Principia pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with Principia continuing as the surviving corporation and becoming an indirect, wholly-owned subsidiary of Sanofi.
Evercore is acting as financial advisor to Sanofi and Weil, Gotshal & Manges LLP is acting as its legal counsel. Centerview Partners LLC and BofA Securities, Inc. are acting as financial advisors to Principia and Cooley LLP is acting as its legal counsel.
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