Paris pharmaceutical company Sanofi said Monday it has completed its acquisition of Meriden-based Protein Sciences.
Under the terms of the agreement, first reached in July, Sanofi will make an upfront payment of $650 million and pay up to $100 million upon achievement of certain milestones, according to Sanofi Spokesperson Laurence Bollack.
Sanofi says it has met all conditions required by the Federal Trade Commission to close.
Through the acquisition, Sanofi Pasteur, the vaccines global business unit of Sanofi, adds Protein Sciences’ influenza vaccine Flublok to its portfolio, the only recombinant protein-based influenza vaccine approved by the U.S. Food and Drug Administration.
The acquisition fits with Sanofi Pasteur’s strategic initiative to explore non-egg-based flu vaccine manufacturing technologies, said David Loew, Sanofi executive vice president and head of Sanofi Pasteur.
Editor’s Note: This story has been updated with terms of the deal.
