Pharma BD Deal Intelligence
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.