In line with its strategy of expanding its focus on the immuno-oncology space and strengthening its internal R&D pipeline, Sanofi has spent €5.2bn on the acquisition of two small biotech firms ytd. Given that the French pharma giant still has gun powder of €30-50bn, a big ticket acquisition is highly likely, with Alexion being a good strategic fit in our view. Bolt-on deals might also be on the cards and PTC Therapeutics, Inovio and Editas could be Sanofi’s hit list.
