Regeneron, Sanofi-Aventis announce $312 million stock sale
TARRYTOWN, N.Y. The biopharmaceutical company Regeneron Pharmaceuticals said yesterday that it closed a $312 million common stock sale in connection with its antibody development partnership with drug maker Sanofi-Aventis, according to published reports.
As previously agreed, Regeneron said it closed the sale of 12 million newly issued shares to Sanofi-Aventis at $26 per share. The stock purchase is part of the partnership agreement, which the companies signed Nov. 28, to discover, develop and market certain antibodies.
With the proceeds of the equity sale and an $85 million upfront payment received from Sanofi-Aventis earlier this month, Regeneron expects to end the year with $840 million to $850 million in cash and securities.