Sanofi Teams With Innate Pharma to Develop Cancer Drugsby
The two French companies will develop up to two treatments using antibodies to engage so-called natural-killer cells to attack tumors, according to a statement Sunday. Innate Pharma surged as much as 12 percent to 14.25 euros in Paris. Sanofi showed little change, trading at 74.65 euros.
The agreement signals Sanofi aims to capture a larger slice of the spending on cancer treatments, which has grown by 6.5 percent annually in the past five years and reached $100 billion in 2014, according to the IMS Institute for Healthcare Informatics. The U.S. and the five largest countries in Europe account for two-thirds of the total spending, the report said.
Paris-based Sanofi will lead development, manufacturing and marketing of any products. Innate, based in Marseille, could receive payments of as much 400 million euros ($437 million) as well as royalties on net sales.