Regeneron buys cancer drug from Sanofi for €1bn              

The Regeneron Pharmaceuticals headquarters in Limerick

Regeneron, the US pharma giant which employs 1,400 people in Limerick, has agreed to buy the immune-oncology drug Libtayo from partner Sanofi for as much as $1.1bn (€1bn), revisiting a deal that helped the French company re-enter the field of cancer research.

Sanofi will get an upfront payment of $900m to transfer all rights to Libtayo to its US partner and stands to get another $200m in milestone payments if the drug reaches certain regulatory and sales targets.

“Our early steps with Libtayo in immuno-oncology provided a strong foundation for our revitalised oncology efforts,” Bill Sibold, who heads Paris-based Sanofi’s North America operations, said.  “Now we are focused on leveraging our internal capabilities and advancing a new generation of oncology medicines.” 

 Since Libtayo first won regulatory approval, Sanofi has been striking deals to bolster its cancer offerings. In December, it agreed to buy privately held Amunix for as much as $1.2bn for that purpose.

The companies were previously splitting Libtayo’s worldwide operating profits. New York-based Regeneron was in charge of selling the drug in the US, and Sanofi in the rest of the world.

Regeneron’s shares fell as much as 4.5% at one stage in New York trade, while Sanofi’s rose slightly in Paris.

• Bloomberg