China’s Innovent Biologics secures over $300 million investment from Sanofi

The all-cash investment by Sanofi unit Sanofi Foreign Participations BV will be at a price of $42.42 per Innovent share, representing a premium of about 29 per cent to the stock's last close

Innovent Biologics said recently Paris-based Sanofi would invest $2.42 billion ($307.88 million) in the biopharma group to jointly develop two cancer drugs in China.

The all-cash investment by Sanofi unit Sanofi Foreign Participations BV will be at a price of $42.42 per Innovent share, representing a premium of about 29 per cent to the stock’s last close.

Innovent said it had also entered into a licence agreement with Sanofi Foreign Participations for the commercialisation of the two oncology medicines.

The Jiangsu, China-based company said SAR408701, or tusamitamab ravtansine, would be used to treat lung, gastric and other cancers, while SAR444245, or non-alpha IL-2, was under phase-II studies for skin cancer, head and neck tumours, among others.

Sanofi will receive up to 140 million Euros ($143.44 million) in milestone payments and royalties on net sales of the two drugs in China upon new drug application approvals, Innovent said.

Edits by EP News Bureau

Innovent Biologicspharma dealsSanofi
Comments (2)
Add Comment
  • soundos

    Thanks for sharing such an informative piece of content.

  • hadil

    Great article here , Good article.