U.S. drugmaker Regeneron Pharmaceuticals said on Monday it would repurchase about $5 billion of its shares directly from France's Sanofi, without altering their over-a-decade-long partnership.
FILE PHOTO: The logo of Sanofi is seen at the company's headquarters in Paris, France, April 24, 2020. REUTERS/Charles Platiau/File Photo
Sanofi, which owns some 23.2 million shares of Regeneron’s common stock or about a 20.6% stake, said it would continue to own about 400,000 Regeneron shares to support the collaboration. Sanofi’s Chief Executive Officer Paul Hudson said the sale would help the company “execute on our strategy to drive innovation and growth.”
In their latest move, Regeneron is testing its rheumatoid arthritis drug, Kevzara, with partner Sanofi in only those considered critically ill with COVID-19 and has also identified hundreds of antibodies that could treat or prevent the coronavirus.
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