Regeneron closes $312M stock sale in Sanofi deal
US firm Regeneron Pharmaceuticals says that, following early termination of the Hart-Scott-Rodino waiting period, it has closed the sale of 12 million newly-issued shares of common stock to French drug major Sanofi-Aventis at a price of $26.00 each under its previously-announced agreement for the latter to increase its stake in the company to 19% (Marketletter December 3).
The equity purchase is part of the global strategic collaboration the two companies entered into to discover, develop and commercialize fully-human therapeutic antibodies.
With the proceeds of the equity sale and an $85.0 million upfront payment received from Sanofi earlier this month, Regeneron expects to end the year with $840.0-$850.0 million in cash and securities.
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