Sanofi (EU:SAN) is reportedly preparing to submit a higher takeover proposal for Ocular Therapeutix (NASDAQ:OCUL) after the US biotech company’s board turned down an initial offer valuing the shares at $16 each, according to a report by La Lettre.
Ocular Therapeutix shares rose 6.1% in Wednesday’s trading session to close at $11.07, implying a market capitalisation of approximately $2.36 billion, as investors reacted to speculation around a potential revised bid.
The report said Sanofi’s first approach was formally rejected by Ocular’s board, prompting the French pharmaceutical group to revisit its offer terms. While no details of a revised valuation or timing have been disclosed, the move suggests Sanofi remains interested in pursuing the acquisition despite the initial setback.
More about Sanofi and Ocular Therapeutix
Sanofi is a global healthcare group focused on specialty care, vaccines and general medicines, with a strong presence across immunology, oncology and rare diseases.
Ocular Therapeutix is a US-based biopharmaceutical company specialising in ophthalmic therapies, developing drug delivery platforms and treatments for eye diseases.