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

Updated 39 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 30,804,120 — Total deaths: 957,348— Total recoveries: 21,062,785Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 6,766,631 — Total deaths: 199,268 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Education: What we overlooked in the switch to remote learning
  4. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.

What we overlooked in the switch to remote learning

Illustration: Eniola Odetunde/Axios

America’s rapid and urgent transition to online school has come with a host of unforeseen consequences that are only getting worse as it continues into the fall.

The big picture: The issues range from data privacy to plagiarism, and schools are ill-equipped to deal with them, experts say.

The positions of key GOP senators on replacing Ruth Bader Ginsburg

Senate Majority Leader Mitch McConnell talks to reporters on Capitol Hill last Thursday. Photo: Chip Somodevilla/Getty Images

With President Trump planning to nominate his third Supreme Court justice nominee by next week, key Republican senators are indicating their stance on replacing the late Justice Ruth Bader Ginsburg just over six weeks out from Election Day.

The big picture: Senate Majority Leader Mitch McConnell (Ky.) has vowed that "Trump’s nominee will receive a vote on the floor of the United States Senate." But Sen. Lisa Murkowski (Alaska) told Alaska Public Media, "I would not vote to confirm a Supreme Court nominee. We are 50 some days away from an election."