Firm has already obtained approval from shareholders representing 42.1% of outstanding stock.
Sanofi Pasteur plans to acquire Acambis for £276 million, or $550.36 million, in cash. Parent company, sanofi-aventis, has already obtained the favor of a segment of shareholders that represents 42.1% of existing share capital of Acambis.
The offer was made at £1.90 per share, a 65.21% premium over Acambis’ closing price on the last trading day.
Sanofi Pasteur and Acambis have partnered for over 10 years and have worked together on three of Acambis’ five vaccine programs. Most recently, in November 2007, the firms inked a $80 million agreement to develop Acambis’ West Nile virus vaccine.
Sanofi Pasteur, which is the vaccine arm of sanofi-aventis, will does gain a complementary product line through this takeover. In April, Acambis won a $425 million CDC contract for its small pox vaccine. The company is also developing vaccines against Japanese encephalitis, dengue, Clostridium difficile, influenza, and genital herpes.