Sanofi moves to purchase hemophilia drug maker

French drug maker Sanofi announced Monday the planned acquisition of biopharmaceutical company Bioverativ.

Sanofi agreed to pay $11.6 billion for Bioverativ, which is known for its treatments for hemophilia and other rare blood disorders.

Sanofi is said to be using acquisitions to build its portfolio, particularly because of declining sales for its diabetes drug, Lantus, which has lost its patent protection.

Read more from The New York Times.