Aug 06, 2022 04:07 AM

BUSINESS

Sanofi Invests $306 Million in China Partnership for Novel Cancer Drugs

By Hua Ang and Han Wei

The deal will give Sanofi a 3.87% stake in Innovent’s issued shares.

The deal will give Sanofi a 3.87% stake in Innovent’s issued shares.

French pharmaceutical giant Sanofi SA agreed to invest 300 million euros ($306 million) in Chinese biotech company Innovent Biologics Inc. to foster collaboration in cancer drug development.

Under the agreement, Sanofi will buy Innovent’s Hong Kong-traded shares at HK$42.42 ($5.40) each, a 20% premium over the stock’s average price for the past 30 trading days, Innovent Thursday said in a filing.

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