March 2022 Top Biopharma Deal: IGM Biosciences – Sanofi IgM Antibody Platform for Cancer and Immunology/Inflammation

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

March 2022 Top Biopharma Deal Upfront
IGM development and commercialization deal with Sanofi for cancer, immunology, and inflammation based on the IgM platform

Highlighted Deal Financial Comps

Date Announced:

March 29, 2022

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

up to $6,015M (6 targets)


Tiered royalties for cancer targets in non-major markets; Tiered high single-digit to low-teens royalties for immunology/inflammation globally

Cost & Profit Split:

50/50 in certain major markets for cancer targets

Deal Synopsis

The Asset:

IGM Biosciences IgM antibody technology platform for 3 oncology targets and 3 immunology/inflammation targets

Deal Structure:

Development and Commercial License

Partnership Features:

Collaborative Development, No Shared Cost

Deal Details:

  • IGM granted Sanofi exclusive, worldwide rights to develop and commercialize agonists for three cancer and three immunology/ inflammation targets by applying the IgM antibody technology platform.
  • For cancer targets, IGM will be responsible for the research and development of all 3 targets through the approval of the first BLA. Sanofi is responsible for all further development and commercialization. For immunology/inflammation targets, IGM will continue the development through Phase I for up to 2 constructs. Sanofi will be responsible for all further development and commercialization.
  • IGM will receive $150M up front. Sanofi has also expressed an interest in purchasing up to $100M of IGM non-voting common stock in a public financing. IGM is eligible to receive up to $6.015B in regulatory and commercial milestones, which includes $940M for each of 3 cancer targets and $1.065B for each of 3 immunology/inflammation targets.
  • The companies will share profits 50/50 in for cancer targets in certain major markets and IGM is eligible for tiered royalties in other territories. For immunology/inflammation targets, IGM is eligible for tiered high single-digit to low-teens royalties globally.

Last Month:

Congrats to IGM and Sanofi for landing DealForma’s March 2022 Top Biopharma Deal. Last month’s Deal of the Month was Heidelberg – Huadong ATAC candidates for cancer treatment. Red 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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