Sanofi and Ablynx, a biopharmaceutical company engaged in the discovery and development of Nanobodies®, entered into a definitive agreement under which Sanofi will offer to acquire all of the outstanding ordinary shares, which represents an aggregate equity value of approximately €3.9 billion. Linklaters advised Ablynx on the deal.

Under the terms of the agreement, Sanofi will launch public offers to acquire all of the outstanding ordinary shares (including shares represented by ADSs), warrants and convertible bonds of Ablynx in cash.

The consummation of the public offers is subject to customary conditions, including the tender of securities representing at least 75% of the outstanding shares of Ablynx at the end of the initial acceptance period of the Belgian Tender Offer, and the receipt of required regulatory approvals. The public offers are expected to be launched by the beginning of the second quarter of 2018.

The Linklaters team was led by Corporate partners Arnaud Coibion and Philippe Remels and counsel Filip Lecoutre.

Linklaters has a long history of advising clients in the healthcare sector on their most challenging transactions and recently advised Accord Healthcare Limited on the purchase of the generics business of Actavis in the UK and Ireland from Teva Pharmaceutical Industries Ltd for an enterprise value of approximately £600m.