Big Pharma Firms Make Deals
Sanofi (SNY) will buy Blueprint Medicines for $9.1 billion, or $129 a share cash. Blueprint shareholders also will receive one non-tradeable contingent value right with potential milestone payments of $2 and $4.
Blueprint Medicines stock shot up more than 26% to above 128. Sanofi stock edged lower.
Bristol-Myers Squibb (BMY) will pay $1.5 billion upfront to BioNTech (BNTX) with up to $2 billion in milestone payments for the right to develop and commercialize cancer drug BNT327.
Bristol-Myers stock rose 1.2%. BioNTech stock jumped 13%.
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