Rival suitor could have pressed Synthorx takeout price even higher than winning $2.5B Sanofi bid

A new regulatory filing revealed that Synthorx received a sweeter offer than Sanofi’s $2.5 billion bid after the biotech had already agreed to the French pharma’s proposal. The biotech declined to backtrack on accepting Sanofi’s offer, which could have triggered a $94 million breakup fee.

The filing, which appeared late Monday, describes a two-bidder process which netted Synthorx Inc. (NASDAQ:THOR) a final price that was nearly double the initial proposal from Sanofi (Euronext:SAN; NASDAQ:SNY). The $68-per-share offer Synthorx accepted far exceeded Sanofi’s $36-per-share bid on Nov. 25, less than two weeks before the parties executed their deal...