Regeneron Buys Sanofi Cancer Drug for Up to $1.1 Billion (2)

Regeneron Pharmaceuticals Inc. agreed to buy the immune-oncology drug Libtayo from partner Sanofi for as much as $1.1 billion, revisiting a deal that helped the French company re-enter the field of cancer research.

Sanofi will get an upfront payment of $900 million to transfer all rights to Libtayo to its U.S. partner, according to a statement Thursday, and stands to receive another $200 million in milestone payments if the drug reaches certain regulatory and sales targets.

With focus on the pandemic receding, some drugmakers are returning their attention to the lucrative area of cancer treatment. Regeneron made the purchase in ...