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Sanofi begins tender offer to acquire Bioverativ shares

Sanofi began a tender offer to acquire all outstanding shares of Bioverativ Inc. for $105 per share in cash.

The French pharmaceutical company recently agreed to acquire all of the hemophilia drugmaker's outstanding shares.

The deal, which was unanimously approved by both companies' boards of directors, represents an equity value of about $11.6 billion on a fully diluted basis.

The offer is set to expire on March 7.

Lazard is acting as an exclusive financial adviser to Sanofi, while Guggenheim Securities and J.P. Morgan Securities LLC are acting as financial advisers to Bioverativ.

Weil Gotshal & Manges LLP is serving as legal counsel to Sanofi, and Paul Weiss Rifkind Wharton & Garrison LLP is serving as legal counsel to Bioverativ.