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Illustration: Sarah Grillo/Axios

Sanofi agreed to buy Principia Biopharma, a South San Francisco-based developer of drugs for multiple sclerosis and pemphigus, for around $3.7 billion in cash.

Why it matters: It's the year's second-largest pharma merger so far, and is part of the same cash-reliant, bolt-on playbook that CEO Paul Hudson employed while helming Novartis' drugs division.

  • Sanofi will pay $100 per Principia share, which represents a 10% premium to Friday’s closing price. It plans to complete the deal by year-end.

The bottom line: "The deal shows how drug companies like Sanofi need to keep hunting for new drivers of growth even as they race to find vaccines and therapies to try to defeat COVID-19," reports Bloomberg.

Go deeper

3 hours ago - World

Map: A look at world population density in 3D

This fascinating map is made by Alasdair Rae of Sheffield, England, a former professor of urban studies who is the founder of Automatic Knowledge. It shows world population density in 3D.

Details: "No land is shown on the map, only the locations where people actually live. ... The higher the spike, the more people live in an area. Where there are no spikes, there are no people (e.g. you can clearly identify ... the Sahara Desert)."

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day 1 immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.

13 hours ago - Sports

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.