The logo of Sanofi is seen at the company's research and production centre in Vitry-sur-Seine, France. PARIS: French pharmaceutical giant Sanofi on Monday said it planned to divest its stake in US biotech firm Regeneron which is valued at around US$13 billion.
Sanofi, which holds around 20.6 per cent in Regeneron, however insisted it had no intention of halting its partnership with the American firm.The sale will see a repurchase by Regeneron of US$5 billion of its stock from Sanofi, the French company said in a statement. "Sanofi remains committed to continuing our collaboration with Regeneron which remains an integral part of our overall strategy, and this decision was fully aligned with Regeneron," said Paul Hudson, the chief executive Officer of Sanofi."We believe the proceeds from this transaction will help further our ability to execute on our strategy to drive innovation and growth," he said.
Hudson earlier this month caused a stir when he said that Americans would have priority to any coronavirus vaccine developed by Sanofi.
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