PARIS (AP) — France-based drugmaker Sanofi is buying U.S. hemophilia specialist Bioverativ for $11.6 billion in a deal that Sanofi says will boost its profile for fighting rare diseases.

The deal announced Monday is the latest such move in a pharmaceutical industry that's seeing increasing interest in rare diseases.

Sanofi said in a statement that the boards of both companies approved the purchase, and that Sanofi will pay $105 per share in cash for all outstanding shares of Bioverativ. The Waltham, Massachusetts-based company focuses on blood disorders.

Bioverativ said it hopes its Eloctate and Alprolix hemophilia medications can reach a broader market thanks to Sanofi's global infrastructure.

Sanofi's strategy in the coming years includes expanding its rare disease portfolio, and hemophilia treatment is considered a growing market.