Sanofi to Buy Biotech Company Principia for $3.4 Billion

Sanofi agreed to acquire U.S. biotech company Principia Biopharma Inc. for about $3.4 billion as the French drugmaker pivots toward innovative therapies to spur growth under new Chief Executive Officer Paul Hudson.The all-cash deal will see Sanofi taking full control of the company, which focuses on treatments for multiple sclerosis and a range of autoimmune disorders, according to a statement Monday. Bloomberg reported last month that Sanofi…