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The back-to-back deals Sanofi (SNY) is pursuing are giving pause to Moody’s Investor Service. “While Sanofi’s ratings and outlook remain unchanged following the (latest) acquisition, the company’s financial metrics will deteriorate and we caution that Sanofi’s financial flexibility within the (debt) rating category has substantially diminished,” Moody’s wrote in a report. Further debt-financed deals could prove negative for its credit rating or outlook. Sanofi this month agreed to pay $11.6 billion for Bioverativ (BIVV) and $4.8 billion for Ablynx (ABLYF) to boost its blood disorder portfolio.

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