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Flexion Therapeutics Inc (FLXN) Stock Soars on Possible Sale to Sanofi

Flexion Therapeutics Inc (NASDAQ:FLXN) stock soared as rumors emerged of the company potentially acquiring Sanofi SA (ADR) (NYSE:SNY).

Flexion Therapeutics Inc (FLXN)The deal is reportedly worth $1 billion in cash, or a per-share price in the 30s, according to sources close to the matter. FLXN closed Wednesday at $26.25 per share.

It would be a significant deal for both parties as it would bring together two of the leading pharmaceutical giants in the development of drugs that help treat multiple types of arthritis.

In December, Flexion received approval to test its osteoarthritis knee injection Zilretta, and the company hopes that it will garner positive results that will result in approval of the medication in October.

Meanwhile, Sanofi has been advancing its biosurgery division with Synvis, an injectable that also treats osteoarthritis. If the two companies joined forces, they would own a considerable market share of the industry.

Flexion already has a connection with Sanofi as VP Mark Fraga and medical affairs VP Scott Kelley, M.D. made the move from the latter to the former last year. They worked with Synvisc in their previous job.

Zilretta peak sales could result in revenue that would be in the range of $500 million and $600 million if it performs as expected.

FLXN stock grew 33.4% on the news, while SNY shares fell 0.4%.

Article printed from InvestorPlace Media, https://investorplace.com/2017/03/flexion-therapeutics-inc-flxn-stock/.

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