赛诺菲将以最高95亿美元的总对价收购Blueprint Medicines

Restricted - External First LookSASY.PA/SAN FPEuropean Pharmaceuticals& Life SciencesPrice TargetPrice (30-May-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchEuropean Pharmaceuticals & LifeSciencesEmily Field, CFA+44 (0)20 7773 6263emily.field@barclays.comBarclays, UKShirley Chen, PhD+44 (0)20 7773 2109shirley.chen@barclays.comBarclays, UKCharles Pitman-King, CFA+44 (0)20 3134 6023charles.pitman-king@barclays.comBarclays, UKSidhartha Modi+91 (0)22 6175 1326sidhartha.modi@barclays.comBarclays, UKYihan Li, PhD+44 (0)20 3555 3563yihan.li@barclays.comBarclays, UKAnurag Surendra Sharma+91 (0)22 6175 4548anuragsu.sharma@barclays.comBarclays, UKU.S. Small & Mid Cap BiotechnologyPeter Lawson, DPhil (Oxon)+1 212 526 9445peter.lawson@barclays.comBCI, US OVERWEIGHTNEUTRALEUR 125.00EUR 87.52+42.8% Transaction detailsSanofi would pay an upfront cash consideration of $129/sh ($9.1bn) and also issue one non-tradeable contingent value right (CVR) which will entitle the holder to receive two potentialmilestone payments of $2 (clinical development) and $4 (regulatory) per CVR forBLU-808. Together with the CVR, the premium is c33% over the closing price on May 30, 2025and c40% over the 30 trading days VWAP. The closing of the tender is subject to customaryclosing conditions and is expected to be completed in 3Q25 (through wholly-ownedsubsidiary). Sanofi plans to finance the transaction with a combination of cash on hand andproceeds from new debt and acquisition (ND/ EBITDA is expected~1.0x post the deal). Theacquisition is not expected to impact SAN's FY25 guidance. Analyst(s) Certification(s):I, Emily Field, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Sanofi(SASY.PA, 30-May-2025, EUR 87.52), Overweight/Neutral, A/CD/CE/E/J/K/L/M/NMaterially Mentioned Stocks (Ticker, Date, Price)Blueprint Medicines Corporation(BPMC, 30-May-2025, USD 101.35), Equal Weight/Positive, JUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffil