Sanofi is trading down 0.18% at 86.59
Sanofi has agreed to buy U.S. biotech company Translate Bio (NASDAQ:TBIO) in a $3.2 billion deal, as it bets on next-generation mRNA vaccine technology beyond the COVID-19 pandemic, confirming a Reuters exclusive report.
The French pharmaceuticals firm said it would acquire all outstanding shares of Translate Bio for $38.00 per share in cash, representing a total equity value of about $3.2 billion.
The boards of both companies have approved the deal, and the chief executive of Translate Bio and the U.S. company’s largest shareholder have backed it, Sanofi and Translate Bio said in a joint statement.
Sanofi shares were little changed at 86.73 euros as of 1125 GMT.
“Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics,” Sanofi CEO Paul Hudson (NYSE:HUD) said.
In pre-market U.S. trading on Tuesday, Translate Bio’s stock was up almost 30% in line with the Sanofi offer. In extended trading late on Monday after the Reuters report and before the financial terms had been announced, they had soared more than 70% to above $50.
On technical fronts Sanofi RSI stood at 44.67 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : Sanofi – SELL: 86.56, TARGET: 86.21, STOP LOSS : 86.98