 "Logo of French drugmaker Sanofi | Photo: Reuters")
Sanofi will raise over $11 billion from the sale of 21.6 million shares in its US partner Regeneron, the French drugmaker said on Wednesday, adding it would use the proceeds for innovation and general growth.
Earlier this week, Regeneron had said it would repurchase about $5 billion of its shares directly from Sanofi, without altering their over-a-decade-long partnership.
Sanofi is selling the Regeneron shares at $515.00 per share - a discount of around 5.5 per cent to Regeneron's closing price of $545.21 on May 26, and raising gross proceeds of $11.1 billion, the Reuters reported.
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