French biotech park bought back from Sanofi

French public group the Caisse des Depots has signed an agreement with French drug major Sanofi (Euronext: SAN) to cover its buy-back of life science technology park Biocitech.

In 2002, Sanofi decided to launch an industrialization operation in partnership with the local authorities and Biocitech was fully established in 2003. The biotechnology and life sciences park hosts 25 companies, which employ around 350 people in Romainville. The technology park is also a key element in the Medicen Paris Region network. Biocitech provides a range of specific services for firms operating within biotechnology, biopharmaceuticals, fine chemicals, medical and in vitro diagnostics and medical devices.

The agreement has been established in collaboration with local authorities and the Ile de France institutions. Their aim is to develop the technology park. A new company, Biocitech Immobilier, will own it. The Caisse des Depots will retain an initial 40% share. They will acquire the remaining 60% of the shares after further redevelopment is complete in the Galien building. Galapagos, one of the resident companies, will move into the Galien building in 2015. The objective is to turn Biocitech into an open campus. The firms installed at Biocitech will complement one another and generate strong synergies and collaborations.