PARIS (Reuters) – Healthcare companies Sanofi and Translate Bio said on Tuesday they would expand collaboration on developing vaccines, in a deal which will give Translate Bio $425 million (340 million) in upfront payments.
The companies said they would expand their existing 2018 collaboration to develop ‘mRNA’ vaccines for infectious diseases.
Translate Bio will get an upfront payment of $425 million, consisting of $300 million in cash and a private placement common stock investment of $125 million at $25.59 per share, marking a premium of 57.6% to Translate Bio’s closing share price of $16.24 on June 22.
Translate Bio will also be eligible for potential future milestones and other payments of up to $1.9 billion, including $450 million of milestones under the 2018 agreement.
(Reporting by Sudip Kar-Gupta; Editing by Kim Coghill)
