Regeneron Pharmaceuticals agrees to buy Libtayo’s oncology drug from partner Sanofi for up to $ 1.1 billion in a renewal of an agreement that allowed the French company to re-enter in the field of cancer research.
Sanofi will receive a $ 900 million fee to transfer all of Libtayo’s rights to its U.S. partner, and is expected to receive an additional $ 200 million in additional fees as the drug receives specific regulatory approvals and will achieve specific goals in the field of sales.
“Our first steps with Libtayo in immuno-oncology were a milestone in our renewed efforts in the field of oncology,” said Bill Sibold, head of Paris-based Sanofi’s North American operations. “We are now focused on expanding our capabilities and promoting a new generation of oncology drugs,” he added, according to Bloomberg.
From the day Libtayo received its first regulatory approval, Sanofi has been negotiating to strengthen its cancer treatment capabilities. In December, it acquired Amunix Pharmaceuticals for up to $ 1.2 billion for this purpose.
The two companies have so far shared the operating profits of the anti-cancer drug. Regeneron was responsible for sales of the drug in the US, while Sanofi was responsible for the rest of the world.
Shares of Regeneron fell as much as 4.5% at the start of the session in New York, while Sanofi gained about 0.8% in Paris.
Source: Capital
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