Regeneron Pharmaceuticals Inc said its longtime drug-development partner Sanofi SA aims to boost its stake in the U.S. biotechnology company through open market purchases of its stock.The announcement on Monday lifted shares of Regeneron by 5.3 percent in morning trading.Sanofi, which controls 16.7 percent of Regeneron according to Reuters data, said in an emailed statement that it has the right to increase its stake up to 30 percent as part of its partnership with the U.S. company. But it added that it had not announced any intention to take a controlling stake."We are very happy with the relationship with Regeneron, but we needed this technical filing to get freedom to operate," the statement said.
Regeneron Pharmaceuticals, Inc. (Regeneron) is an integrated biopharmaceutical company, which discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. Shares of REGN traded higher by 4.15% or $6.88/share to $172.76. In the past year, the shares have traded as low as $94.22 and as high as $188.95. On average, 836831 shares of REGN exchange hands on a given day and today's volume is recorded at 1367146.
Sanofi SA, formerly Sanofi-Aventis, is a global and diversified healthcare company. Shares of SNY traded higher by 2.94% or $1.37/share to $47.89. In the past year, the shares have traded as low as $33.03 and as high as $49.56. On average, 1541460 shares of SNY exchange hands on a given day and today's volume is recorded at 2204084.
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