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June 2022 Top Biopharma Deal: Sanofi – Regeneron Pharmaceuticals for Cancer/Inflammation drug Libtayo

Jul 2, 2022 | Deal of the Month, Partnership Deals

June 2022 Top Biopharma Deal Upfront
Sanofi development and commercialization deal with Regeneron for Libtayo (Amended Agreement)

Highlighted Deal Financial Comps

Date Announced:

June 2, 2022

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:



11% royalties on worldwide net sales

Cost & Profit Split:


Deal Synopsis

The Asset:

Sanofi’s first line treatment: Libtayo for cancer

Deal Structure:

Development and Commercial License

Partnership Features:

License Hand-Off

Deal Details:

  • Sanofi granted Regeneron exclusive, worldwide rights to develop and commercialize Libtayo for the treatment of cancer. Sanofi and Regeneron signed a license agreement in 2015 to develop Libtayo.
  • Per the 2015 agreement, Regeneron would book sales in the US, and Sanofi would be responsible for the rest of the world. The companies would share profits equally (see separate deal profile). In June 2022, the companies signed a new agreement where Sanofi will transfer its rights to develop and commercialize Libtayo to Regeneron. The ex-US transaction is expected to close in Q3 2022.
  • Sanofi will receive $900M up front and is eligible to receive up to a $100M milestone upon the first approval by either the FDA or EMA for Libtayo in combination with chemotherapy for first-line treatment of certain patients with NSCLC, and up to $100M as a sales milestone in the next two years, plus 11% royalties.

Last Month:

Congrats to Sanofi and Regeneron for landing DealForma’s June 2022 Top Biopharma Deal. Last month’s Deal of the Month was Dragonfly Therapeutics – Gilead Sciences NK cell engager for cancer/inflammation treatment. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting to schedule your personalized demo.


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