** Shares in Sanofi down c. 2.3 pct after it agreed to buy U.S. haemophilia specialist Bioverativ for $11.6 billion
** Kepler Cheuvreux says the deal “raises host of questions” and expects the market will be initially skeptical of the acquisition
** Brokerage says that although deal is earnings accretive (5% in 2019, according to Sanofi) and offers near-term growth, the longer-term picture is not so clear: how can Bioverativ’s pipeline offset pressure from Roche’s Hemlibra?
** Kepler Cheuvreux puts rating “Under Review”
** Stock is at bottom of France’s blue-chip CAC 40 index