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MarketWatch MarketPulseMay 26, 2020
Regeneron to buy back $5 billion in stock as Sanofi sells part of its stake
Shares of Regeneron Pharmaceuticals Inc. were up 0.4% in premarket trading on Tuesday, the day after the company said it will spend $5 billion to buy back some of its own shares after Sanofi announced it is selling most of its stake in Regeneron. Sanofi's stock had also gained 0.4% in premarket trading on Tuesday. "While Sanofi's exit is occurring earlier than expected (agreement lock-up expires on Dec. 20, 2020, and liquidation was expected to take multiple years), we don't believe it will cause material disruption to REGN's stock," SVB Leerink's Geoffrey Porges wrote in a note to investors on Tuesday. Sanofi owns 23.2 million shares of Regeneron, a roughly 20% stake, and plans to sell 12.8 million shares. Regeneron will fund the buyback with $3.5 billion in cash and $1.5 billion in bridge financing. The French drugmaker had first made an investment in Regeneron in 2004; the two companies have also collaborated since 2003 on a number of Food and Drug Administration-approved therapies, including rheumatoid arthritis treatment Kevzara, PCSK9 inhibitor Praluent, and eczema drug Dupixent. Kevzara is currently in clinical trials testing the drug as a treatment for COVID-19 patients. "The registered offering and share repurchase will have no impact on the ongoing collaboration between Regeneron and Sanofi," Regeneron said in a statement. Selling about 23 million shares in Regeneron may generate $13 billion in cash for Sanofi, setting the company up to make a mid-cap biotechnology deal, RBC Capital Markets analysts wrote on Monday. Since the start of the year, Sanofi's stock is down 5.4% and shares of Regeneron have gained 54.7%. The S&P 500 is down 8.5%.

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Yahoo BusinessMay 26, 2020
Sanofi Adds Firepower in Exiting $13 Billion Regeneron Stake
(Bloomberg) -- Sanofi is selling a stake in Regeneron Pharmaceuticals Inc. valued at about $13 billion, giving the French drugmaker more firepower to potentially snap up promising assets in the cancer, gene therapy and rare-disease fields.The Regeneron exit, part of Sanofi Chief Executive Officer Paul Hudson's revamped strategy to focus on fast-growing areas, is sparking speculation he'll hunt for more targets following a deal in December to buy biotech company Synthorx Inc. for $2.5 billion. The transaction will boost Sanofi's war chest to $50 billion, according to Bloomberg Intelligence.Regeneron has agreed to repurchase $5 billion of its stock from Paris-based Sanofi, the companies said on Monday. Regeneron said that Sanofi also plans to sell approximately 12.8 million shares, a holding worth more than $7 billion based on Friday's closing price. That will mark the largest public equity offering in the heath-care industry on record.Setting a new course, Sanofi said in December that it would end its hunt for new diabetes and heart disease medicines, helping save more than $2 billion, as it expands in lucrative areas such as oncology. Sanofi may also look for gene therapy assets targeting rare illnesses in pursuit of deals of less than $5 billion, according to analysts at Citigroup Inc."We believe the proceeds from this transaction will help further our ability to execute on our strategy to drive innovation and growth," Hudson, who took the reins of Sanofi in September, said in a statement.Stock's SurgeSa
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