Sanofi receives tenders for €97.5 million of Ablynx convertibles

New York, May 14 – Sanofi, SA received tenders for €97.5 million of the convertible bonds of Ablynx NV, according to a news release.

Holders tendered 975 of the €100,000 par amount convertibles, Sanofi said.

Sanofi also received tenders for 71,972,994 of Ablynx’s shares, including 7,446,312 shares represented by American Depositary Shares, and 2,594,841 warrants.

Once the offers settle, Sanofi will own 95.6% of Ablynx’s shares, more than the 90% acquired through the offers.

Sanofi said the response to the tender meets the minimum condition and that the other conditions have also been met.

Sanofi announced the tender on March 29, saying the offer would begin on April 4.

The purchase price for the convertibles was €393,700.78 per bond.

The purchase price for the shares and American Depositary Shares was €45.00 and for the warrants €18.66 to €41.79.

The initial acceptance period ended at 5 p.m. ET on May 4.

The offers were carried out in two parts, a tender under Belgian law for the shares, warrants and convertibles and a tender under U.S. law for shares owned by U.S. holders and for the American Depositary Shares.

Conditions to the tenders include that securities representing at least 75% of Ablynx’s outstanding shares be tendered.

BNP Paribas Fortis NV/SA and KBC Securities NV/SA are centralizing receiving agents.

Ablynx priced €100 million of the convertibles at par in May 2015.

Sanofi is a Paris-based biopharmaceutical company. Ablynx is a Ghent, Belgium, biopharmaceutical company.

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