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The Federal Trade Commission has been scrutinizing Big Pharma deals, finally scoring a win with Sanofi (SNY) scrapping its proposed licensing deal with Maze Therapeutics. The FTC said it would seek to block the deal, arguing it "would eliminate a nascent competitor poised to challenge Sanofi's monopoly in the Pompe disease therapy market.
Sanofi SA SAN, +1.94% said late Monday it will scuttle an agreement with biotech Maze Therapeutics Inc. after federal trade regulators sought to block it, saying the deal would eliminate competition for the treatment of a rare genetic condition. “We respectfully disagree with the action by the [Federal Trade Commission] which also delays potential advancements that could impact the lives of patients,” Sanofi said.
Sanofi said on Monday it was terminating a deal to exclusively license a drug that Maze Therapeutics is developing to treat Pompe disease because of objections from the U.S. government.
Sanofi (SNY) aims to generate annual sales of over 10 billion euros by 2030, driven by recently launched and potential new products. It intends to enhance R&D focus to become a market leader in immunology.
Sanofi said it would spend close to 700 million euros ($754 million) more on drugs development next year, specifying for the first time an increase in costs that roiled investors and triggered a sell-off in the stock in late October.
Sanofi said on Thursday it will focus on 12 potential blockbuster drug candidates and prioritise development in immunology, as it faces investor pressure after abandoning 2025 margin targets while boosting research and development spending.
Sanofi's CEO is under pressure to tell investors how much more he will spend on research and development (R&D) and what the likely pay-offs will be, as he seeks to boost a pipeline of future drugs and restore shareholder trust.
Limited pipeline catalysts until 2025 mean a "show me" story status. Higher R&D costs and uncertainty for the future. A new spin-off in the consumer division with no 2025 profitability targets. Sanofi is still attractive, but we are lowering our target price.
Sanofi plans to file for U.S. approval of wider use of its anti-inflammatory drug Dupixent against "smoker's lung", also known as COPD, after a second large trial showed significant benefits.
The mother of two autistic children in France has lodged a legal complaint for endangering life after she suspected she was exposed to airborne emissions from Sanofi's Depakine epilepsy drug plant, the Le Monde newspaper reported on Monday.