Sanofi has offered to buyout its rival Kiadis in a Memorandum for EUR 5.45 in cash per share. Management board of Kiadis, including the supervisory board have support and recommended the Offer. Terms have not been disclosed. The acceptance period commences at 09.00 hours CET on February 15th 2021 and will expire at 17.40 hours CET on April 2021 if not extended. The completion of this offer is expected to occur within the second quarter or 2021.
John Reed, M.D., Ph.D., Global Head of Research and Development of Sanofi, commented, “We believe Kiadis’ ‘off the shelf’ K-NK cell technology platform will have a broad application against liquid and solid tumors, and create synergies with Sanofi’s emerging immune-oncology pipeline, providing opportunities for us to pursue potential best-in-disease approaches.”
Arthur Lahr, Chief Executive Officer of Kiadis, commented, “The Kiadis Boards unanimously believe that Sanofi has the resources and financial strength to accelerate development of our NK-cell products, to the benefit of patients. We believe this transaction represents compelling value to shareholders and offers a fair reflection of the potential of our platform and pipeline, given the risk/reward profile typical to biotech and the capital required to execute our business plan.”
This offer values 100% of the shares at a total of EUR 308 Million where the offeror will pay the offer price fully through readily available cash sources.