June 23, 2020 / 5:14 AM / 19 days ago

Sanofi and Translate Bio to expand vaccine collaboration

PARIS, June 23 (Reuters) - Healthcare companies Sanofi and Translate Bio said on Tuesday they would expand collaboration on developing vaccines, in a deal which will give Translate Bio $425 million in upfront payments.

The companies said they would expand their existing 2018 collaboration to develop ‘mRNA’ vaccines for infectious diseases.

Translate Bio will get an upfront payment of $425 million, consisting of $300 million in cash and a private placement common stock investment of $125 million at $25.59 per share, marking a premium of 57.6% to Translate Bio’s closing share price of $16.24 on June 22.

Translate Bio will also be eligible for potential future milestones and other payments of up to $1.9 billion, including $450 million of milestones under the 2018 agreement.

Reporting by Sudip Kar-Gupta; Editing by Kim Coghill

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