Sanofi SA annouced it will buy vaccines biotechnology firm Protein Sciences for an up-front payment of $650 million.

The French drug company will also pay up to another $100 million if the influenza vaccine specialist achieves certain milestones.

The connecticut-based flu vaccine maker received approval from the FDA in October for the protein-based influenza vaccine Flublock Quadrivalent influenza vaccine.

“The acquisition of Protein Sciences will allow us to broaden our flu portfolio with the addition of a non-egg based vaccine,” said David Loew, Sanofi Executive Vice President and Head of Sanofi Pasteur, Sanofi’s vaccines division.

The acquisition has been approved unanimously by the board of Protein Sciences and is expected to close at the end of the third quarter.

Source: Fox Business