Sanofi (SNY) was bidding against Biogen (BIIB) to acquire Reata Pharmaceuticals (RETA), Michelle Davis of Bloomberg reports, citing people familiar with the matter. An entity identified as “Party A” in a regulatory filing lost the competition for Reata by 50c per share after several rounds of bidding, David points out. Party A was Sanofi, sources told Bloomberg. Shares of Sanofi are down 1% to $52.71 in late afternoon trading.
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