Sanofi to Acquire Blueprint Medicines for $9.5 Billion, Strengthening Rare Disease and Immunology Leadership in 2025’s Largest European Healthcare Deal
The acquisition is aimed at strengthening Sanofi’s strategic position in rare diseases and immunology, two areas where the company has been increasingly active through both R&D investment and corporate acquisitions.
Under the terms of the agreement, Sanofi will pay $129.00 per share in cash, representing a total upfront payment of approximately $9.1 billion. In addition, Blueprint shareholders will receive one non-tradeable contingent value right (CVR) per share, entitling them to potential milestone payments of $2 and $4 contingent on the development and regulatory progress of Blueprint’s investigational therapy BLU-808. These potential milestone payments bring the total equity value of the deal to $9.5 billion on a fully diluted basis (Blueprint Medicines, 2025). Following the announcement, Blueprint’s stock surged 27% in premarket trading to $128.74, while Sanofi shares declined roughly 1%, reflecting a typical market reaction to high-value acquisitions in the sector.
Blueprint Medicines (NASDAQ: BPMC) specializes in targeted therapies for systemic mastocytosis, a rare hematologic disorder characterized by the overproduction of abnormal mast cells that can trigger severe allergic responses. Its lead asset, Ayvakit (avapritinib), is currently the only approved therapy for both advanced and indolent systemic mastocytosis in the United States and the European Union. Blueprint also brings a promising pipeline of early- and mid-stage assets, including elenestinib and BLU-808, the latter being a selective oral wild-type KIT inhibitor with potential applications across a broad range of immunologic disorders.
Sanofi CEO Paul Hudson described the deal as a strategic advancement in the company’s transformation into a global leader in immunology. In recent years, Sanofi has ramped up its investment in research and development, including the high-profile success of its blockbuster drug Dupixent, which has driven the company’s expansion in chronic inflammatory diseases. However, not all of Sanofi’s recent R&D initiatives have succeeded. In the week preceding the Blueprint announcement, Sanofi disclosed a setback in its respiratory drug pipeline after a late-stage trial of an experimental treatment for chronic obstructive pulmonary disease (COPD), also known as "smoker’s lung," failed to meet its primary endpoints (Reuters, 2025).
JP Morgan analysts endorsed the strategic rationale of the acquisition, noting that Blueprint projects Ayvakit to generate annual sales of approximately $2 billion by fiscal year 2030. The analysts emphasized that the valuation appears reasonable and could be well-received by investors over time, particularly as Ayvakit expands its label and market penetration increases (JP Morgan, 2025). The move also aligns with Sanofi’s broader U.S. expansion strategy. The company has committed to investing at least $20 billion in the U.S. through 2030, focusing on manufacturing and R&D initiatives that support the country’s push for local pharmaceutical production under the Trump administration’s economic agenda.
The Blueprint transaction follows a string of recent acquisitions by Sanofi, including the $470 million acquisition of Vigil Neuroscience in May 2025 and a $2.2 billion deal for Inhibrx in January 2024. CEO Hudson noted that these deals reflect a deliberate effort to build a pipeline of innovative medicines across immunology and neuroscience, and confirmed that Sanofi retains substantial capital for future M&A activities.
The deal is expected to close in the third quarter of 2025, pending regulatory approvals and shareholder consent. If successful, it would further solidify Sanofi’s commitment to becoming a global leader in immunological therapies while positioning itself competitively in the rare disease market.
