French pharmaceutical group Sanofi said Monday it has finalised acquisition of US biotech firm Principia Biopharma for $3.7 billion.
The operation, first announced in August, was aimed at boosting Sanofi's research and development into auto-immune and allergic diseases.
Sanofi agreed to pay $100 per share in cash for Principia Biopharma, a company with which it has been cooperating since 2017.
That year, Sanofi secured an exclusive global licence to develop and market Principia Biopharma BTK'168 drug for treating multiple sclerosis and other central nervous system illnesses.
"The Principia acquisition further strengthens our core areas of auto-immune and allergic diseases," Sanofi chief executive Paul Hudson was quoted Monday as saying.
Beyond diseases of the nervous system, Principia hopes to develop a entire portfolio of similar drugs that could target different organ systems in patients suffering from "immune-mediated" diseases, chief executive Martin Babler said last month.