Sanofi Terminates CD123-Targeting Collaboration and Announces €15M Strategic Investment in Innate Pharma

On April 23, the biopharmaceutical company Innate Pharma announcedCompany Regains Its CD123-Targeted ANKET®(Antibody-based NK cell Engager Therapeutics) The global rights to the drug SAR'579/IPH6101, which is currently in the development stage for the treatment of acute myeloid leukemia (AML).At the same time, Sanofi alsoIntends to make a strategic equity investment of up to 15 million euros in Innate Pharma.

Innate Pharma and Sanofi Adjust 2016 Research Collaboration and License Agreement, including the termination of the collaboration on CD123-targeted drugs, Sanofi's continued development of BCMA-targeted drugs in the field of autoimmune diseases, and Sanofi's intention to make a strategic investment in Innate Pharma.

• Cooperation Adjustment
  Based on the adjustment of the current strategic priorities of both parties, Sanofi has decided to continue the development of SAR’514/IPH6401 (BCMA ANKET®) in the field of autoimmune diseases, while terminating the collaboration on SAR’579/IPH6101 (CD123 ANKET®) as stipulated in the 2016 agreement. Innate Pharma will regain full rights to this CD123-targeted ANKET® drug.
• Progress in Drug Development
  The phase 1/2 clinical study (NCT05086315) of SAR'579 / IPH6101, previously led by Sanofi, is still ongoing. The efficacy and safety data from the dose-escalation portion presented at the 2024 European Hematology Association (EHA) Congress demonstrated certain clinical benefits and durable responses. In April 2024, Sanofi advanced SAR'579 / IPH6101 to the initial dose-expansion phase of the trial, and both parties will establish a transition plan for the ongoing study.
• Strategic Investment Intent
  Sanofi intends to make a new share investment of up to 15 million euros in Innate Pharma. The size and price of this potential investment will be determined based on current market conditions and will proceed if market conditions are met. Jonathan Dickinson, CEO of Innate Pharma, welcomed the move, stating it would further validate the company's innovation and scientific progress in R&D.
• Other Cooperation Arrangements
  Despite the termination of the CD123 ANKET® collaboration, Sanofi will continue to focus on the development of SAR’514/IPH6401 (BCMA ANKET®) in the field of autoimmune diseases under the 2016 licensing agreement. The Phase 1/2 clinical study (NCT05839626) led by Sanofi for patients with relapsed or refractory multiple myeloma will be terminated early in order to refocus the program on autoimmune diseases. Additionally, Innate Pharma’s another NK cell engager project based on the ANKET® platform, IPH62 (targeting B7-H3), is under development. Sanofi retains the right to select an additional ANKET® target under the 2022 Research Collaboration and License Agreement, which remains unchanged. Innate Pharma is still eligible to receive over 1 billion euros in R&D and commercial milestone payments.

Sanofi Terminates Collaboration with Innate Pharma on CD123-Targeted Drug, While Announcing Strategic Investment in Innate PharmaSeemingly contradictory, but in fact based on multi-faceted strategic considerations:

• Strategic Focus Adjustment
  Sanofi Terminates CD123 Target Drug Collaboration Due to Shift in Strategic Focus. The company has chosen to advance the development of SAR’514/IPH6401 (BCMA ANKET®) in the field of autoimmune diseases, concentrating resources on projects that align more closely with its current strategic direction. This indicates that Sanofi has reallocated its R&D resources to focus on core business areas and fields with greater growth potential.
• Recognize Innovation Value
  Sanofi's intention to make a strategic investment in Innate Pharma is a recognition of Innate Pharma’s innovation and scientific progress in R&D. Innate Pharma’s ANKET® technology platform demonstrates a certain level of innovation and potential, and Sanofi’s investment interest may indicate a desire to collaborate with Innate Pharma on other projects or fields in the future, sharing its technological achievements and R&D benefits. Through this investment, Sanofi can maintain its connection with Innate Pharma, keep track of its technological advancements, and lay the groundwork for potential future collaborations or business expansion.
• Reduce Risks and Optimize Layout
  Terminating the CD123 target drug collaboration allows Sanofi to reduce resource allocation to this project and lower R&D risks. Making a strategic investment in Innate Pharma, if other projects of Innate Pharma succeed in the future, will enable Sanofi to benefit and achieve a return on investment. This also helps Sanofi optimize its product portfolio and technology reserves.

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