ARTICLE | Deals
IGM gains cash runway via six-target Sanofi deal, boosting shares for follow-on
With expenses climbing, IGM takes $150M up front in Sanofi deal covering six targets, shoulders most costs at the outset
March 29, 2022 10:01 PM UTC
With clinical expenses mounting and cash running low, IGM is fortifying its balance sheet via a six-target deal with Sanofi as well as a planned follow-on, giving the French pharma access to the biotech’s multivalent antibody platform.
The deal gives IGM Biosciences Inc. a much-needed $150 million upfront from Sanofi (Euronext:SAN; NASDAQ:SNY), but IGM will need to shoulder more development costs, particularly in oncology, than most biotechs entering deals with large pharmas...