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Sanofi said Monday that it is acquiring Principia Biopharma for $3.68 billion, giving the French drug giant full control over the multiple sclerosis treatment the companies share.

The deal values Principia at $100 per share, a 10% premium over the company’s closing price Friday, but represents a 35% premium to the price of Principia stock on July 15.  Bloomberg News reported on July 16 that Sanofi was considering making acquisitions, with Principia as a likely target. The deal has been approved by the boards of both companies, Sanofi said.

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