Pharma BD Deal Intelligence

Sanofi SA / Regeneron Pharmaceuticals, Inc.

2007 · Co-Development · $1.0B · Complete

The Street Said

Strongly positive — critic reaction at announcement

History Says

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 9

Most productive pharma partnership in history: Dupixent $13B+ mega-blockbuster

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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.

Key facts

Announced Nov 09, 2007
Closed Nov 09, 2007
Deal value $1.0B
Deal type Co-Development
Therapeutic area Dermatology, Immunology, Oncology, Respiratory
Indications Atopic Dermatitis, Asthma, Rheumatoid Arthritis, CSCC, NSCLC
Key assets dupilumab (Dupixent), sarilumab (Kevzara), cemiplimab (Libtayo), VelocImmune platform
Mechanism Anti-IL-4/IL-13 dual antibody, Anti-IL-6R antibody, Anti-PD-1 antibody, VelocImmune discovery platform

Related deals — scored

Deal	Year	Value	Outcome
Sanofi SA / Regeneron Pharmaceuticals, Inc. (this deal)	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
Sanofi SA / Protein Sciences Corp.	2017	$650M	72

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