Suzhou, Jiangsu headquartered Innovent has ‘strong clinical development capabilities and a broad commercial footprint in China’. The two companies will accelerate the development and commercialization of two Sanofi key clinical stage oncology assets: Phase III SAR408701 (tusamitamab ravtansine; anti-CEACAM5 antibody-drug conjugate) and Phase II SAR444245 (non-alpha IL-2), combining with sintilimab, the leading checkpoint inhibitor in China.
In addition to the collaboration and license agreement, Sanofi will invest €300m ($307m) in Innovent through subscription of new common shares.
Sanofi’s sales in China reached €2.7bn ($2.8bn) in 2021, enjoying growth of 7.9%. Growth in Q4 was driven by Dupixent, Plavix and vaccine sales. However, the country represents a small slice of the company’s €37bn ($38.9bn) annual sales globally, which are focused in the US and Europe.
John Reed, M.D., Ph.D. Global Head of Research and Development at Sanofi, said: “This strategic collaboration with Innovent will not only accelerate the development, market access and future commercialization of two of our key oncology medicines in selected combinations with sintilimab, but also bolster our overall presence in oncology in China. We look forward to a successful partnership with Innovent, one of the most innovative companies in China, and to leveraging their development capabilities and market leadership in the country.”
In addition to the strategic multi-product collaboration and license agreement, Sanofi, subject to conditions precedent including regulatory approval and customary closing conditions, will invest in new common shares issued by Innovent for €300m. Subject to mutual agreement of both parties in the future, Sanofi will have the right to acquire additional Innovent new common shares for €300m.