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5/25, 7:23 PM (Source: TeleTrader)
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Sanofi to sell its equity stake in US Regeneron

Sanofi announced on Monday it plans to sell its equity investment in American biotechnology company Regeneron.

Sanofi will sell its stake in US firm through a registered public offering and related share repurchase by Regeneron, Sanofi said in a statement published on its website. Regeneron agreed to repurchase $5 billion of its stocks from Sanofi on condition that the proposed public offering is completed. Sanofi owns some 23 million of Regeneron's common shares or 20.6% stake, while after the divestment it will own 400,000 shares.

Sanofi noted that the sale of its stake in Regeneron will not affect the collaboration of the two companies. "Sanofi and Regeneron’s collaboration has been one of the most productive in the industry, creating significant value for both companies but more importantly, resulting in five important medicines for patients," Paul Hudson, Sanofi CEO said.

Breaking the News / SR