Paris-based Sanofi will buy Protein Sciences, a Meriden, Conn.-based vaccines biotech, for a $650 million upfront payment, reports Reuters.
Here are three things to know.
- Protein Sciences is also eligible to receive up to $100 million in milestone payments.
- Through the acquisition, Sanofi will gain the rights to the flu vaccine Flublok. Unlike most vaccines grown in chicken eggs, Flublok is produced using a technology that rearranges genetic material to make the vaccine.
- The deal is expected to close in the third quarter of this year.
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