Regeneron, Sanofi expand antibody collaboration; Sanofi to pay $1B upfront, up to $7B in milestones

REGENERON PHARMACEUTICALS, INC.

Sixth Amendment to 2009 Antibody LCA covers four new Regeneron antibodies: IL-13, IL-4, IL-4Rα, and IL-4xIL-13 bispecific.
Sanofi to make $1.0B upfront payment; Regeneron eligible for up to $7.0B in development, regulatory, commercial milestones; global profits split 50/50.
Regeneron gets option, per asset after ongoing trials, to add Sanofi's Phase 2/3 lunsekimig (TSLPxIL-13 Nanobody) and another early asset; would reimburse certain dev costs.
Regeneron lead development and pre-approval regulatory party; lead US regulatory/commercialization; Sanofi leads commercialization and ex-US regulatory.
Q3 2026 to include ~$22M pre-tax acquired IPR&D charge, cutting GAAP and non-GAAP EPS by ~$0.18; results not final. Dupixent audit lawsuit dismissed.

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