Regeneron Shares Fall as Partner Sanofi Moves to Sell Stake
27 May 2020 - 12:28AM
Dow Jones News
By Colin Kellaher
Regeneron Pharmaceuticals Inc. shares fell more than 5% on
Tuesday after long-time partner Sanofi SA said it would exit its
nearly 21% stake in the biotechnology company.
Sanofi, which currently owns about 23.2 million Regeneron
shares, said it plans to sell the majority of its holdings in a
public offering, while Regeneron will buy back $5 billion in stock
from the French drug maker.
The Tarrytown, N.Y., company said it will fund the repurchase
with $3.5 billion of cash on hand and $1.5 billion of
fully-committed bridge financing from Goldman Sachs Bank USA.
Shares of Regeneron, which formed its collaboration with Sanofi
in 2007, were recently down 5.1% to $540.65.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 26, 2020 10:13 ET (14:13 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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