Ocular Therapeutix jumps on report Sanofi preparing revised bid

Sanofi is preparing an increased takeover offer for Ocular Therapeutix Inc. (NASDAQ: OCUL) after the U.S. company's board rejected an initial bid of $16 per share, according to a report by La Lettre.

Ocular Therapeutix shares gained 11% on Wednesday to $12.28, giving the ophthalmic pharmaceutical company a market value of $2.66 billion.

The French pharmaceutical giant's first offer was declined by Ocular's board, prompting Sanofi to develop a revised proposal, the report stated.

Ocular Therapeutix focuses on developing and commercializing therapies for diseases and conditions of the eye. The company has not publicly confirmed the takeover discussions.

Sanofi has not disclosed details about the potential revised offer or timeline for submission to Ocular Therapeutix's board.

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