Sanofi offloads big cancer drug

Sanofi has inked a US$1 billion-plus deal to offload Libtayo to Regeneron after ramping up efforts to have the PD-1 inhibitor listed on the PBS.

While the companies co-commercialised Libtayo in the US, Sanofi held rights everywhere else, including Australia.

Under the deal, Regeneron will put down a whopping US$900 million up-front payment for global rights. Sanofi will receive an 11 per cent royalty on worldwide sales and stands to earn another US$200 million in milestone payments if the drug reaches certain regulatory and sales targets.