French drugmaker Sanofi said on Saturday it was teaming up with U.S. medical device maker Medtronic in diabetes. The announcement comes as Sanofi seeks to defend its No.2 spot in a global diabetes market worth over $40 billion, at a time when top-selling drug Lantus, the world's most prescribed insulin, is set to lose patent protection early next year.Under the terms of a memorandum of understanding, Sanofi and Medtronic will initially cooperate on developing drug-device combinations and offering care management services for diabetes patients. Depending on the results, they will consider other areas for collaboration, the companies said in a statement.Financial terms were not disclosed."...Sanofi will tap into technology advances that aim to create holistic treatment solutions which take into account the individual patient's needs," Pascale Witz, Sanofi's executive vice president of global divisions and strategic development, said in the statement.
Sanofi, formerly Sanofi-Aventis is a global and diversified healthcare company. Shares of SNY traded higher by 0.17% or $0.09/share to $53.78. In the past year, the shares have traded as low as $46.95 and as high as $55.47. On average, 1265150 shares of SNY exchange hands on a given day and today's volume is recorded at 467413.
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