French drugmaker Sanofi SA is buying more shares in U.S. biotech company Regeneron Pharmaceuticals Inc, its partner in the development of potential blockbuster treatments for cholesterol and rheumatoid arthritis.Sanofi's plans, disclosed by the companies in separate statements on Monday, boosted both companies' shares.Sanofi controls 16.7 percent of Regeneron, or 15.82 million shares, according to Reuters data. Sanofi said in an email that it has the right to raise the stake to as much as 30 percent under its decade-long partnership with Regeneron."We are very happy with the relationship with Regeneron, but we needed this technical filing to get freedom to operate," the company said. Sanofi disclosed its plans to purchase Regeron shares on the open market in a filing with the U.S. Federal Trade Commission.
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 3.16% or $5.24/share to $171.12. 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 2043479.
Sanofi SA, formerly Sanofi-Aventis, is a global and diversified healthcare company. Shares of SNY traded higher by 3.5% or $1.63/share to $48.15. 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 3791607.
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