Sanofi announced it will acquire Protein Sciences, a privately held vaccines biotechnology company. Under the terms of the agreement, Sanofi will make an upfront payment of $650 million and pay up to $100 million upon achievement of certain milestones.
Protein Sciences received approval from the US Food and Drug Administration (FDA) in October 2016 for their Flublok Quadrivalent Influenza Vaccine (QIV). Flublok is the only recombinant protein-based influenza vaccine approved by the FDA.
"The acquisition of Protein Sciences will allow us to broaden our flu portfolio with the addition of a non-egg based vaccine," said David Loew, Sanofi Executive Vice President and Head of Sanofi Pasteur, Sanofi's vaccines division.
The acquisition, which has been unanimously approved by the board of directors of Protein Sciences and a majority of Protein Sciences shareholders, is expected to close in the third quarter of 2017, subject to customary regulatory approvals.
Protein Sciences is a privately held biotech company established in 1983 and headquartered in Meriden, Connecticut.