Sanofi-Aventis (now Sanofi) and Regeneron established a broad antibody discovery and development alliance using Regeneron's proprietary VelocImmune technology. The original 2007 agreement gave Sanofi global commercialization rights to antibodies discovered through the alliance, with Regeneron receiving funded research plus milestone and royalty payments. The collaboration generated dupilumab (Dupixent), which became a blockbuster ($10B+ annual revenue). The deal was restructured multiple times, most significantly in 2015 when Sanofi paid $640M upfront to restructure profit-sharing terms.