Pharma BD Deal Intelligence
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Full analysis, sources & comparables →Sanofi has agreed to pay Adagene up to $2.5 billion in a collaboration covering up to four immuno-oncology candidates using the biotech's SAFEbody…
Sanofi announced a global collaboration and exclusive license agreement with Adagene to develop novel masked monoclonal and bispecific antibody candidates…
Adagene announces up to US$25M strategic investment from Sanofi; Sanofi exercises option for a third SAFEbody discovery program (bispecific, undisclosed…
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Adagene and Sanofi entered a collaboration and exclusive license agreement to generate masked monoclonal and bispecific antibodies using Adagene's SAFEbody conditional-activation technology. Sanofi paid $17.5M upfront and could advance two initial candidates with options for two more; Adagene is eligible for up to $2.5B in milestones plus tiered royalties. The alliance has since expanded: in July 2025 Sanofi exercised its option to select a third SAFEbody discovery program (a bispecific with undisclosed targets), triggering an option exercise fee, milestones and royalties per the 2022 agreement, and made a strategic equity investment of up to $25M in Adagene ($17.0M at first close plus $8.0M contingent on Full Phase 2 Enrollment), with Sanofi also supporting clinical development of Adagene's anti-CTLA-4 SAFEbody muzastotug (ADG126).
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Sanofi SA / Adagene Inc. (this deal) | 2022 | $2.5B | — |
| Sanofi SA / Regeneron Pharmaceuticals, Inc. | 2007 | $1.0B | 97 |
| Sanofi SA / Synthelabo S.A. | 1998 | $11.0B | 84 |
| Sanofi SA / Genzyme Corporation | 2011 | $20.1B | 84 |
| Sanofi SA / Amunix Pharmaceuticals Inc. | 2021 | $1.2B | 76 |
| Sanofi SA / Genzyme Corporation | 2010 | $18.5B | 75 |
| Sanofi SA / Translate Bio Inc. | 2018 | $805M | 73 |
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More: 2022 deals · Sanofi SA deals · Oncology deals