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Sanofi Pasteur Holding to buy Acambis

Sanofi Pasteur Holding, the parent company of sanofi-aventis' vaccine division, Sanofi Pasteur, has agreed to buy British biotech firm, Acambis, for a total cash offer of £276m
Sanofi Pasteur Holding, the parent company of sanofi-aventis' vaccine division, Sanofi Pasteur, has agreed to buy British biotech firm, Acambis, for a total cash offer of £276m.

Acambis develops novel vaccines that cater specifically for unmet medical needs and has a portfolio of products that includes small pox jab, ACAM2000, a medicine for which it has a contract with the US government. Sanofi-aventis will pay £1.90 per share for a 100 per cent stake in the company, a 65.2 per cent premium to the stockís closing level of Friday July 25th, 2008.

All existing Acambis shares would be cancelled in exchange for cash compensation and new shares will be issued to Sanofi Pasteur Holding. The acquisition is now dependent on approval from 75 per cent of Acambis' shareholders at an extraordinary general meeting.

"This mutually beneficial acquisition is a logical step building upon Sanofi Pasteur and Acambisí decade long partnership on key projects to develop and market vaccines of the future," said Wayne Pisano, president and chief executive officer of Sanofi Pasteur. "Acambisí skilled workforce made of individuals who share our passion for vaccines and prevention of disease will contribute to our future success."

The deal is now expected to close by the end of September and Invesco Asset Management and Goldman Sachs International, who together hold 42 per cent of the existing Acambis' stocks, have already confirmed their intention to support the offer.

28th July 2008

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