It has agreed to buy principia biopharma Inc. for about $3.4 billion. Under the leadership of Paul Hudson, the new chief executive, Sanofi, the French pharmaceutical company, is seeking innovative therapies to stimulate growth. < / P > < p > according to a statement released on Monday, Sanofi will take full control of Principia biopharma, which focuses on the treatment of multiple sclerosis and various autoimmune diseases through the all cash transaction. Sanofi is looking at potential acquisitions of U.S. biotech companies, including principia, according to a report last month. According to the statement, Sanofi will pay $100 per principia share, a 10% premium over Friday’s closing price. Principia’s shares are up nearly 66% this year. Sanofi said the total equity value of the deal was about $3.7bn, including cash held by Principia. Sanofi shares were up 0.7% in Paris early Monday. Principia’s shares rose 11% in US pre market trading.