Sanofi Under Preliminary Probe in France Over Possible Market Manipulation, Source Says

By Helena Smolak

France's financial prosecutors have opened a preliminary investigation into Sanofi over possible dissemination of false or misleading information and share-price manipulation, a judicial source said Tuesday.

The preliminary investigation by the French Financial Prosecutor's Office was opened in March, the source said. Details were first reported by French media outlet La Lettre, which said the allegations relate to Sanofi's launch in 2017 of the anti-inflammatory drug Dupixent, developed in cooperation with the American biotechnology company Regeneron Pharmaceuticals.

In response, Sanofi said it wasn't aware nor has it been contacted by the French Financial Prosecutor's Office regarding any preliminary investigation into its 2017 accounts or other matters.

Regeneron didn't immediately respond to a request for comment.

Sanofi generated sales of 2.85 billion euros ($3.06 billion) from Dupixent in the third quarter, a 33% increase compared with the same period last year. The company expects revenue from Dupixent--its best-selling drug--to be close to EUR13 billion in 2024.

At 1310 GMT, Sanofi shares were down 1.5% to EUR83.63.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

November 07, 2023 08:41 ET (13:41 GMT)

Sanofi (NASDAQ:SNY)
Historical Stock Chart
From Mar 2024 to Apr 2024