In a statement about the deal, Sanofi said that it plans to accelerate partnered programs that are already under development. The two companies have worked together since mid-2018 to develop mRNA vaccines for COVID-19 and other infectious diseases. Two studies of mRNA vaccines are ongoing: one phase I/II study in COVID-19 and one phase I trial in seasonal influenza. Both studies are set to read out this year.

In addition to developing vaccines for infectious diseases, the companies plan to apply Translate Bio's proprietary mRNA therapeutic platform in other areas, such as immunology, oncology, and rare diseases.

Translate Bio's pipeline has been focused on cystic fibrosis and other rare pulmonary diseases. The company has also been conducting research involving the application of mRNA technology in the development of therapeutic antibodies and vaccines for cancer.

Sanofi will acquire all outstanding shares of Translate Bio common stock for $38 per share in cash, reflecting a total equity value of approximately $3.2 billion. The deal is expected to close in the third quarter.