Innate Pharma SA (IPHA) and Sanofi (SNY) have agreed that the latter will invest up to 15 million euros ($17.2 million) in new Innate shares as part of a review of a January 2016 research collaboration and license agreement.
"The size and price of this equity investment will be determined on the basis of the ongoing market conditions, if they are satisfactory," the duo said early Wednesday.
Following a review of the January 2016 agreement between the two companies, Sanofi and Innate agreed to terminate the part related to SAR'579/IPH6101 (CD123 ANKET). As a result, Innate will regain its rights on CD123 targeting ANKET, which is in development for acute myeloid leukemia, it said.
Sanofi will, however, pursue the development of SAR'514/IPH6401 (BCMA ANKET) in autoimmune indications under the terms of the 2016 license agreement.
Innate said it is "still eligible" for more than 1 billion euros of research and development and commercial milestones.
Shares of Innate jumped over 9% in premarket activity.
Price: 2.14, Change: +0.18, Percent Change: +9.18
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