Last Stop Biotech

Sanofi, the French pharmaceutical company, has announced the acquisition of Blueprint Medicines for up to $9.5 billion. Through the acquisition, Sanofi gains access to Blueprint’s portfolio of rare immunological diseases, including the systemic mastocytosis (SM) treatment Ayvakit. A rare condition characterized by the buildup of abnormal mast cells in multiple tissues and organs beyond the skin. These mast cells—a type of white blood cell—release chemicals that trigger a range of symptoms. The pill generated $479 million in revenue last year and is projected by the 14-year-old company to reach peak sales of $2 billion by 2026. The deal also adds elenestinib, a next-generation KIT D816V inhibitor currently in a phase 2/3 trial for SM, as well as BLU-808, an early-stage KIT inhibitor. According to Sanofi, KIT is a key driver of mast cell activation, which plays a role in numerous inflammatory diseases.

Sanofi is acquiring the drugmaker at $129 per share, representing a 27% premium over Blueprint’s May 30 closing price and a 34% premium compared to its 30-day average. The deal also includes contingent value rights (CVRs) linked to the progress of BLU-808, which could provide Blueprint shareholders with an additional $2 to $4 per share. This would raise the total equity value of the transaction from $9.1 billion to as much as $9.5 billion. This comes at a good time for Sanofi, which is following the heels of a Phase 3 trial failure of their drug, partnered with Regeneron for treating chronic obstructive pulmonary disorder (COPD) candidate itepekimab. This acquisition of Blueprint will strengthen and revitalize Sanofi’s portfolio.

Sanofi in the m&A market

In recent years, starting from 2021, Sanofi has been making waves in the M&A market. Shortly after joining Sanofi as CEO in 2019, Paul Hudson was committed to making the company a robust R&D organization and relying less on its partners for drug development. In 2021, Sanofi acquired Translate Bio in a $3.2 billion deal. Translate Bio was Sanofi’s mRNA partner, as Sanofi had been very interested in mRNA before the pandemic. After missing out on the COVID-19 vaccine race despite its early investment in mRNA technology—an approach that ultimately delivered two vaccines in record time, Sanofi was determined to make an impact here. Sanofi initially partnered with Translate in 2018, paying $45 million upfront. However, its commitment to mRNA deepened after the pandemic underscored the technology’s potential. In the early stages of the crisis, Sanofi invested an additional $425 million to expand the collaboration and subsequently acquired its partner. Sanofi and Translate first joined forces to begin developing a seasonal mRNA flu vaccine. They had previously acquired Tidal Therapeutics with an upfront payment of $160 million, along with potential milestone payments of up to $310 million. The acquisition provided Sanofi with mRNA research expertise in the areas of immuno-oncology and inflammatory diseases.

Sanofi enters into Big Bidding War

In 2022, Sanofi entered into a bidding war with pharmaceutical giant Amgen, which culminated in the largest M&A biopharma deal of 2022. Sanofi and Amgen were bidding to acquire Horizon Therapeutics, the rare disease drug maker. After a fierce bidding war between Amgen and Sanofi, Amgen emerged as a victor, securing Horizon for around $28 billion in cash. Amgen’s CEO Robert Bradway after the deal:

“We’ve admired Horizon’s success for some time,” Amgen CEO Robert Bradway told investors Monday, adding that his company was “prepared to move quickly” on Horizon when the opportunity for a buyout presented itself.

“Horizon’s products are complimentary to Amgen’s portfolio,” the CEO added, noting the deal “builds on Amgen’s success in rare diseases and provides a strong platform for us to expand in this space in the future.”

Through the acquisition, Amgen gained access to three key therapies: Tepezza for thyroid eye disease, Krystexxa for chronic gout, and Uplizna, a newer treatment for neuromyelitis optica spectrum disorder. Amgen CEO Robert Bradway noted that Horizon’s trio of commercial drugs generated $2 billion in revenue during the first nine months of the year. In addition to this, Amgen also acquired promising prospects from Horizon’s pipeline, including dazodalibep, daxdilimab, and the autoimmune contender HZN-1116. Although Sanofi lost out on this acquisition, the pharmaceutical giant’s appetite for dealmaking was evident in the industry.

SANOFI goes back to its roots

Sanofi has long-held expertise in diabetes. After losing out on acquiring Horizon Therapeutics against Amgen, Sanofi turned its aim to Provention Bio. In March 2023, Sanofi acquired Provention Bio for approximately $2.9 billion. The acquisition provides Sanofi with access to Provention’s approved immunotherapy, Tzield, which was approved in November 2022 and is intended to delay the progression of type 1 diabetes. Before the approval, Prevention brought Sanofi on board through a co-promotion agreement for the U.S. launch. As part of that arrangement, Sanofi paid $20 million to secure early negotiation rights for potential launches in markets outside the U.S.

This move was a surprise. Sanofi’s involvement in the diabetes space has primarily centered on insulin products, leaving it at a disadvantage compared to competitors Eli Lilly and Novo Nordisk, who have surged ahead with innovative GLP-1 therapies such as Mounjaro and Ozempic. When Paul Hudson joined as CEO in 2019, the goal was to prioritize R&D in immunology and vaccines while exiting R&D in diabetes and cardiovascular diseases. But with the acquisition of Provention, it appears Sanofi wants to make a return to diabetes in some capacity.

Looking Ahead

Sanofi is set on a course of aggressive growth, fueling its R&D capabilities and acquiring drugs that will significantly drive revenue for the company. In April of 2025, Sanofi closed a deal to sell a 50% controlling stake in the consumer health business Opella for $11.4 billion. Opella is a global, independent consumer healthcare company that was previously part of the French pharmaceutical giant Sanofi. Now operating as a standalone entity, Sanofi still holds a significant ownership stake. Opella specializes in self-care, offering a range of over-the-counter (OTC) products as well as vitamins, minerals, and supplements (VMS). This sell-off enabled Sanofi to acquire Blueprint Medicines quickly. We also reported how Sanofi acquired Vigil Neuroscience last month for $470 million. Sanofi has been busy on the M&A front this year. It acquired Dren Bio’s clinical-stage bispecific antibody, DR-0201, with a $600 million upfront payment and up to $1.3 billion in milestone payments. Earlier in January, Sanofi purchased Inhibrx for $2.2 billion, gaining access to its human recombinant protein treatment for rare diseases. Sanofi has quickly become the company to watch as it diversifies its product portfolio and brings in more technologies in-house.