In the largest public equity offering in healthcare on record, Council member Sanofi is selling its stake in longtime collaborator Regeneron, valued at $13 billion. The Sanofi Genzyme business unit is based in Cambridge, MA.
From the sale, Sanofi will gain more freedom and capital to continue its existing work and invest in new projects in fast-growing fields. The French-headquartered pharmaceutical company pointed to its diabetes and heart disease drugs, as well as ventures in oncology. While Sanofi is divesting in Regeneron, the companies have confirmed that their existing partnerships—which have successfully brought five drugs to the market with more in clinical trials—will not be affected by the sale.
“We believe the proceeds from this transaction will help further our ability to execute on our strategy to drive innovation and growth,” CEO Paul Hudson said.
The New England Council looks forward to Sanofi’s continued growth and succession developing treatments that improve lives. Read more from the Boston Globe.