Benzinga | Dec 21, 2021 07:01AM EST

Sanofi Agrees To Buy US-Based Amunix Pharma For $1B Upfront

Sanofi SA (NASDAQ:SNY) will buy an immuno-oncology company, Amunix Pharmaceuticals Inc, for an upfront payment of about $1 billion.

* Sanofi will also pay Amunix up to $225 million based on certain future development milestones.

* "We are excited to advance Amunix's promising pipeline rapidly and to combine their innovative candidate medicines with complementary molecules in Sanofi's immuno-oncology portfolio," said John Reed, global head of research and development at Sanofi.

* Earlier this year, Sanofi said it would buy two U.S. biotechs, Kadmon Holdings and Translate Bio, for $1.9 billion and $3.2 billion, respectively.

* Amunix's pipeline, which includes lead candidate AMX-818, a masked HER2-directed TCE, offers a strong strategic fit with Sanofi's focus on developing therapies in immuno-oncology.

* Sanofi expects to complete the acquisition in Q1 of 2022.

* Price Action: SNY shares are up 0.61% at $49.27 during the premarket session on the last check Tuesday.