Ablynx and Sanofi entered a research collaboration and global exclusive licensing agreement for Nanobody-based therapeutics in immune-mediated inflammatory diseases. Ablynx received EUR 23M (~$26M) upfront in license/option fees plus ~EUR 8M in research funding, with eligibility for up to EUR 2.4B (~$2.7B) in development, regulatory and commercial milestones plus tiered low double-digit royalties across up to eight Nanobody product candidates.