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Sanofi, the French drugmaker, will buy its mRNA development partner Translate Bio for $3.2 billion. Sanofi will pay $38 per share in cash, 30% above Monday’s closing price.

Why it matters: mRNA has become the miracle technology of the pandemic as the foundation of the highly effective vaccines developed by Pfizer and Moderna.

The bottom line: "Ordinarily a giant in the vaccines space, Sanofi has lagged behind upstarts BioNTech SE and Moderna Inc. in the pandemic as they raced ahead with mRNA shots that have now been injected into arms more than a billion times," Bloomberg's Tim Loh writes.

  • "Those two companies have been lavishly rewarded for their pioneering work, with Moderna's market valuation rocketing toward $140 billion as of Monday and BioNTech's valuation now exceeding $80 billion."

Go deeper

Sep 4, 2021 - Health

Biden's high-stakes booster tension with Moderna

Illustration: Aïda Amer/Axios

A disagreement between the Biden administration and Moderna over booster shot details has thrown a wrench in the administration's plans, and may result in the booster effort beginning with only some Pfizer recipients later this month.

Why it matters: How the dispute shakes out could have implications for the global vaccine supply chain — as well as for Moderna's bottom line.

Updated 7 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 13 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.