Sanofi has completed the acquisition of biopharmaceutical company Ablynx for nearly $3.9bn following the expiry of the Squeeze-out procedure.

The Squeeze-out period started on 22 May under the applicable Belgian and US laws after Sanofi acquired more than 95% of Ablynx’s outstanding shares upon the settlement of the initial acceptance period of its tender offer for Ablynx.

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Following the completion of the Squeeze-out period, the 2,893,201 Ablynx shares including 7,163 shares represented by American Depositary Shares and eight convertible bonds of Ablynx, were tendered.

All the remaining Ablynx shares and convertible bonds, which are not tendered in the procedure, would be considered as transferred to the acquirer Sanofi.

The acquisition is expected to support Sanofi’s research and development strategy and help to develop technologies to address multiple disease targets with single multi-specific molecules.

“With Ablynx, we continue to advance the strategic transformation of our research and development.”

The company will also continue Ablynx’s ongoing drug development programmes, which include developing nanobody technology to support around 45 drug candidates for various therapeutic areas including hematology, inflammation, immuno-oncology and respiratory diseases.

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During the announcement of the acquisition, Sanofi CEO Olivier Brandicourt said: “With Ablynx, we continue to advance the strategic transformation of our Research and Development, expanding our late-stage pipeline and strengthening our platform for growth in rare blood disorders.

“This acquisition builds on a successful existing partnership. We are also pleased to reaffirm our commitment to Belgium, where we have invested significantly over the years in our state-of-the-art biologics manufacturing facility in Geel.”