GLOBAL MARKETS: Sanofi trumps Novo Nordisk
Sanofi trumps Novo Nordisk
French drugmaker Sanofi has agreed to buy Belgian biotech company Ablynx for €3.9bn ($4.8bn), beating Denmark’s Novo Nordisk. This was its second big takeover in January. Earlier in the month it bought US haemophilia specialist Bioverativ.
The companies say Sanofi will pay €45/share in cash for Ablynx, a premium of 21.2% over the closing stock price on Friday. Ablynx had rejected a lower offer from Novo Nordisk. Reuters
Alibaba, Foxconn put $350m into Chinese e-car start-up
Chinese tech giants Alibaba and Foxconn led a new fundraising round by electric carmaker Xiaopeng Motors, investing ¥2.2bn ($350m) in the start-up as a push toward battery-powered vehicles intensifies. The latest funding puts the total investment in Xiaopeng at ¥5bn, says the carmaker. Other investors include IDG Capital, the company said. Xiaopeng is among the start-ups striving to become China’s Tesla and upend the existing auto sector. Bloomberg