By Stephen Nakrosis

Sanofi and Innovent Biologics Inc. said Thursday they will collaborate to "accelerate development of oncology medicines and expand presence in China."

As part of the deal, Sanofi is making an initial equity investment of EUR300 million in Innovent, the companies said.

The companies will work to develop and commercialize Sanofi's Phase III SAR408701 and Phase II SAR444245. Under the terms of the deal, Innovent will be responsible for developing and exclusively commercializing SAR408701, or tusamitamab ravtansine, in multiple oncology-based indications in China, the companies said. Sanofi said it will be "entitled to receive up to EUR80 million development milestone payment and royalties on the net sales of the product in China upon approval."

Innovent and Sanofi will also jointly explore the development of SAR444245, or non-alpha IL-2, in China in various cancer types, with Innovent leading the clinical development. "Innovent will be entitled to receive up to EUR60 million development milestone payments and royalties on the net sales of the product in China upon approval," according to the companies.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 04, 2022 12:21 ET (16:21 GMT)

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