Sanofi Overpays for Bioverativ and Enters Increasingly Competitive Hemophilia Market
Sanofi announced the acquisition of Bioverativ for $11.6 billion ($105 per share), well ahead of our $49.50 stand-alone valuation of the company and we expect to slightly lower our fair value estimate for Sanofi. However, we continue to view Sanofi’s wide moat as intact, as the overpayment is relatively small compared with the overall size of Sanofi. We believe near-term core earnings support (excludes amortization costs), the ability to geographically expand Bioverativ’s key drugs into emerging...Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.
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