Media outlet Bloomberg reported today that France-based Sanofi (NASDAQ: SNY) lost a bidding war to acquire neurological disease specialist Reata Pharmaceuticals (NASDAQ: RETA) last month. The company was ultimately purchased by US compatriot Biogen (NASDAQ: BIIB) for a substantial USD 7.3 billion. According to unnamed insiders cited by the source, Sanofi’s offer of USD 172.0 per share was slightly outdone by Biogen’s offer of USD 172.5 per share.
Sanofi’s Second Recent Acquisition Miss
This acquisition marks the second time in recent months that Sanofi has missed out on a significant acquisition in the pharmaceutical industry. Previously, the company lost out on Horizon Therapeutics (NASDAQ: HZNP), which was acquired by Amgen (NASDAQ: AMGN) for a substantial USD 28 billion.-Fineline Info & Tech
