Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Sanofi is paying IGM Biosciences 150 million dollars upfront plus up to 5.9 billion dollars in potential milestones to collaborate on IgM antibody agonists…
Sanofi has agreed to pay IGM Biosciences up to $6 billion to collaborate on engineered IgM antibodies across six oncology and immunology targets, in what is by…
IGM Biosciences disclosed it received notice on May 5, 2025 that Sanofi elected to terminate the Collaboration and License Agreement dated March 28, 2022 in…
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Sanofi and IGM Biosciences announced an exclusive worldwide collaboration on March 29, 2022 (agreement dated March 28, 2022) to create, develop, manufacture and commercialize engineered IgM antibody agonists against six targets — three in oncology and three in immunology/inflammation. IGM received $150M upfront (closed May 2022) with up to ~$6.0B in aggregate per-target milestones plus tiered royalties. On April 17, 2024 the parties REFOCUSED the collaboration onto only the three immunology/inflammation targets; the three oncology targets were dropped and IGM regained global rights to the related oncology technology. On May 5, 2025 Sanofi delivered notice terminating the agreement in its entirety (effective ~June 4, 2025), with the parties concluding that further activities were not in either party's interest. No termination fee was disclosed. Following the termination IGM enacted a major reduction in force (~73% in Jan 2025, ~80% in May 2025), closed most of its labs and offices, and began evaluating strategic alternatives. The headline ~$6B biobucks were never triggered; the deal delivered the $150M upfront before unwinding.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Sanofi SA / IGM Biosciences Inc. (this deal) | 2022 | $6.2B | — |
| 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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