Regeneron Completes Acquiring Sanofi's Stake In Libtayo
(RTTNews) - Regeneron Pharmaceuticals, Inc. (REGN) announced Friday that it has completed the acquisition of French drug major Sanofi's (SNYNF, SNY) stake in Libtayo (cemiplimab), providing Regeneron with exclusive worldwide development, commercialization, and manufacturing rights to the medicine originally discovered in Regeneron's laboratories. The intent to purchase Libtayo was announced on June 2, 2022.
With today's closing, Regeneron will now record 100% of global net sales and expenses for Libtayo.
Regeneron intends to update its full year 2022 financial guidance to reflect the Libtayo purchase during its second quarter 2022 earnings announcement in early August.
On May 31, 2022, Regeneron announced that it had successfully acquired Checkmate Pharmaceuticals, Inc. for a total equity value of approximately $250 million.
As a result of the Checkmate acquisition, Regeneron expects to record in the second quarter of 2022 an acquired in-process research and development (IPR&D) charge of approximately $195 million, which would negatively impact GAAP and non-GAAP diluted earnings per share by approximately $1.70.
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