French healthcare group Sanofi has launched a takeover offer for smaller peer Kiadis, the companies said on Friday, in a deal that would value Kiadis’ at around 220 million euros ($265 million).

Sanofi’s takeover offer is priced at 5.45 euros, a premium of around 1.9% to Kiadis’ closing price of 5.35 euros on Feb. 11.

Kiadis’ board said it was supporting the offer, as it felt Sanofi’s infrastructure and capabilities would help develop Kiadis’ pipeline of products.

Reporting by Sudip Kar-Gupta; Editing by Shri Navaratnam

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