Principia shareholder still wants ‘more favorable outcome’ as filing reveals escalating Sanofi bids ahead of deal

Shareholder BVF would have preferred that Principia not accept a takeout bid from Sanofi even as the pharma sweetened its buyout offer by offering roughly a third more cash, according to a letter filed with regulators this week.

Although BVF Partners President and CEO Mark Lampert wrote that the firm intends “to support whatever Principia ultimately elects to do,” it believes the proposed deal with Sanofi (Euronext:SAN; NASDAQ:SNY) “would be a suboptimal and, frankly, sad outcome” that shareholders may regard “a few years from now with profound regret.”...