Sanofi has received all the necessary regulatory approvals for its planned €3.9 billion takeover of Belgian biotech Ablynx. The deal was announced on Jan. 29. The next step is to launch an acquisition offer to Ablynx shareholders.

Along with the expiration this week of the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act, which it said is tantamount to approval, Sanofi has also received clearance from Germany’s Federal Cartel Office. No further regulatory approvals are needed for the transaction.

In announcing the definitive agreement last month, Sanofi said it would launch public offers to acquire all of the outstanding ordinary shares, including American Depositary Receipts, warrants and convertible bonds .To be successful, at least 75% of the Belgian company’s capital must be tendered at the end of the initial acceptance period.

Sanofi said the offers are still expected to be launched by the beginning of the second quarter. The Belgian company recently increased its capital to €140.3 million.

Ablynx is focused on the discovery and development of Nanobodies, a novel class of proprietary next-generation biologicals. The company claims a pipeline of more than 45 proprietary and partnered candidates for a wide range of therapeutic areas such as hematology, inflammation, immuno-oncology and respiratory diseases.

In July 2017, Sanofi gained access to certain of Ablynx’ Nanobodies through a research and licensing deal.