Sanofi to Raise Up to $11.7 Billion in Regeneron Stake Sale
May 27 2020 - 1:44AM
Dow Jones News
By Pietro Lombardi
Sanofi SA will raise up to $11.7 billion by selling almost its
entire 20.6% stake in U.S. biotech company Regeneron
Pharmaceuticals Inc.
The French pharmaceutical major said late Tuesday that it is
selling 11.8 million shares in the U.S. company at $515 each, while
Regeneron will buy back $5 billion of its shares.
Sanofi has given the underwriters the option to buy up to 1.2
million additional shares.
After the two-part transaction, and assuming the option is fully
exercised, Sanofi will keep 400,000 shares in the U.S. company,
cashing $11.7 billion overall.
"Sanofi expects to use the net proceeds of the offering and the
repurchase to further execute on its strategy to drive innovation
and growth," it said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 27, 2020 01:29 ET (05:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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