Sanofi invests more than $300 million in China’s Innovent Biologics. from Reuters

Reuters. Sanofi’s logo at the corporate headquarters at the news conference for the annual results on February 4, 2022 in Paris, France. Reuters, Benoit Tessier, File Photo – Sanofi (NASDAQ: SNY), a Paris-based company, will contribute HK$2.42 billion ($307.88 million) to the biopharmaceutical business, according to Innovent Biologics Inc., on Friday. The funds will be used to jointly develop two cancer medications in China.

Sanofi unit Sanofi Foreign Participations B.V. will invest all of its funds at a price of HK$42.42 per Innovent share, which represents a premium of nearly 29% over the stock’s most recent finish.

Sanofi Foreign Participations and Innovent stated they have a license agreement in place for the commercialization of the two oncology drugs.

SAR408701, also known as tusamitamab ravtansine, will be used to treat lung, gastric, and other cancers, according to the Jiangsu, China-based company, while SAR444245, also known as non-alpha IL-2, is undergoing phase-2 studies for a variety of cancers, including skin cancer and head and neck tumors.

Following the approval of its new drug applications, Sanofi will be eligible for milestone payments of up to 140 million euros ($143.44 million) and royalties on the net sales of the two medications in China, according to Innovent.

(1 Hong Kong dollar = 7.8496)
($1 = 0.9760 euros)