Sanofi deepens cancer drive with two deals worth $1.2 billion, Innate jumps
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Paris: Sanofi boosted its presence in cancer research by signing two deals with biotech companies worth up to $1.2 billion, as the French drugmaker plays catch-up with rivals in the hot research field.
Shares in French biotech group Innate Pharma, one of the partners, jumped 15 percent on the news.
Switzerland's Novartis also announced a deal with U.S.-based Surface Oncology to increase its immuno-oncology portfolio, although it did not give financial terms.
Scientific advances in understanding cancer have prompted a flood of pharmaceutical investment in research in recent years, with most excitement surrounding treatments that help the immune system fight tumours.
Bristol-Myers Squibb, Merck, Roche and AstraZeneca are currently leading the pack in such immuno-oncology, but other firms are looking for promising opportunities.
Under the new deal with Innate Pharma, worth up to 400 million euros ($436 million) to the Marseilles-based biotech group, Sanofi will get access to new technology to develop so-called bispecific antibodies to fight cancer.
Shares in French biotech group Innate Pharma, one of the partners, jumped 15 percent on the news.
Switzerland's Novartis also announced a deal with U.S.-based Surface Oncology to increase its immuno-oncology portfolio, although it did not give financial terms.
Scientific advances in understanding cancer have prompted a flood of pharmaceutical investment in research in recent years, with most excitement surrounding treatments that help the immune system fight tumours.
Bristol-Myers Squibb, Merck, Roche and AstraZeneca are currently leading the pack in such immuno-oncology, but other firms are looking for promising opportunities.
Under the new deal with Innate Pharma, worth up to 400 million euros ($436 million) to the Marseilles-based biotech group, Sanofi will get access to new technology to develop so-called bispecific antibodies to fight cancer.
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