Sanofi (Nasdaq:SNY) has agreed to sell Regeneron (Nasdaq:REGN) exclusive international rights of Libtayo (cemiplimab) for $900 million. Sanofi will also receive an 11% royalty on global sales of the drug.
Libtayo is a monoclonal antibody targeting the immune checkpoint receptor PD-1 on T-cells.
Sanofi could also receive $100 million if the drug hits regulatory milestones in the next two years. The Paris-headquartered company could get an additional $100 million for meeting sales-related milestones in the same time window.
FDA approved the drug for advanced cutaneous squamous cell carcinoma in 2018. In 2021, Libtayo picked up indications for advanced basal cell carcinoma and first-line advanced non-small cell lung cancer with PD-L1 expression of at least 50%.
Sanofi and Regeneron entered into an international immuno-oncology alliance in 2015, agreeing then to split operating profits for Libtayo in the U.S. Sanofi agreed then to commercialize the dr…