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, 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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