Sanofi has signed a licence deal with Hanmi Pharmaceutical to develop experimental, long-acting diabetes treatments, the French drugmaker said on Thursday, in a move to revive its diabetes division.South Korea-based Hanmi will receive an upfront payment of 400 million euros ($434 million) and is eligible for up to 3.5 billion euros in development, registration and sales milestones, as well as double-digit royalties on net sales. In return Sanofi will get an exclusive worldwide licence to develop and commercialise Hanmi's so-called GLP-1 diabetes treatments. Hanmi will retain an exclusive option to co-commercialise the products in Korea and China.The deal marks a sizeable bet by Sanofi on a new technology at a time when its all-important diabetes business is struggling.
Sanofi is a healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Shares of SNY fell by 0.08% or $-0.04/share to $50.14. In the past year, the shares have traded as low as $43.57 and as high as $54.98. On average, 1290780 shares of SNY exchange hands on a given day and today's volume is recorded at 827228.