March 2022 Top Biopharma Deal: IGM Biosciences – Sanofi IgM Antibody Platform for Cancer and Immunology/Inflammation

by | Apr 28, 2022

March 2022 Top Biopharma Deal Upfront

IGM development and commercialization deal with Sanofi for cancer, immunology, and inflammation based on the IgM platform

Announced: March 29, 2022

Total Deal Value: $6,265M

Upfront Cash: $150M

Upfront Equity: $100M

Option Payments: n/a

Milestones: up to $6,015M (6 targets)

Royalty: Tiered royalties for cancer targets in non-major markets; Tiered high single-digit to low-teens royalties for immunology/inflammation globally

Cost and Profit Split: 50/50 in certain major markets for cancer targets

The Asset:

IGM Biosciences IgM antibody technology platform for 3 oncology targets and 3 immunology/inflammation targets

Deal Structure:

Development and Commercial License

Partnership Features:

Collaborative Development, No Shared Cost

The Details:

  • IGM granted Sanofi exclusive, worldwide rights to develop and commercialize agonists for three cancer and three immunology/ inflammation targets by applying the IgM antibody technology platform.
  • For cancer targets, IGM will be responsible for the research and development of all 3 targets through the approval of the first BLA. Sanofi is responsible for all further development and commercialization. For immunology/inflammation targets, IGM will continue the development through Phase I for up to 2 constructs. Sanofi will be responsible for all further development and commercialization.
  • IGM will receive $150M up front. Sanofi has also expressed an interest in purchasing up to $100M of IGM non-voting common stock in a public financing. IGM is eligible to receive up to $6.015B in regulatory and commercial milestones, which includes $940M for each of 3 cancer targets and $1.065B for each of 3 immunology/inflammation targets.
  • The companies will share profits 50/50 in for cancer targets in certain major markets and IGM is eligible for tiered royalties in other territories. For immunology/inflammation targets, IGM is eligible for tiered high single-digit to low-teens royalties globally.

Last Month:

Congrats to IGM and Sanofi for landing DealForma’s March 2022 Top Biopharma Deal. Last month’s Deal of the Month was Heidelberg – Huadong ATAC candidates for cancer treatment. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms. We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting dealforma.com to schedule your personalized demo.

Want data for your analysis? Want us to do it? Subscribers get both.

Schedule your demo of the DealForma database to see how we help you get better reports done faster.

28,664

Deal Profiles

18,893

Funding Rounds

32,123

Company Profiles

22,077

Product Profiles

119K+

Clinical Trials

3,967

Business Developers

Specifically for Biotech, Pharma, Device, and Diagnostics

Get more done.

Stop cleaning data or getting lost in legacy databases. We built DealForma to help you be better and faster at business research. Schedule your customized demo to see how DealForma helps you impress your boss and sign-off early.

More Research by DealForma

September 2022 Top Biopharma Deal: SpringWorks – GSK for Nirogacestat in combination with Blenrep

September 2022 Top Biopharma Deal: SpringWorks – GSK for Nirogacestat in combination with Blenrep

The top deal upfront for Sep 2022 was the SpringWorks expanded clinical collaboration with GSK for Nirogacestat in combination with GSK’s Blenrep. SpringWorks granted GSK non-exclusive rights to develop and commericalize Nirogacetat,an oral gamma-secretase inhibitor, in combination with GSK’s Blenrep, an antibody-drug conjugate targeting B-cell maturation antigen for the treatment of multiple myeloma. SpringWorks will receive a $75M equity investment in shares of common stock at a premium to the 30-day volume-weighted average share price on Sept 2, 2022, and is eligible to receive up to $550M in development and commercial milestones.

read more
August 2022 Top Biopharma Deal: Sanofi – Innovent for Cancer Drugs SAR408701 and SAR444245

August 2022 Top Biopharma Deal: Sanofi – Innovent for Cancer Drugs SAR408701 and SAR444245

The top deal upfront for Aug 2022 was the Sanofi development and commercialization deal with Innovent for SAR408701 and SAR444245. Sanofi granted Innovent exclusive rights to develop and commercialize its SAR408701 (tusamitamab ravtansine) for the treatment of non-small cell lung cancer (NSCLC) and gastric cancer in China. Additionally, Sanofi and Innovent will co-develop SAR444245 for the treatment of multiple cancer drugs. Sanofi will invest EUR300M (approx. $306.6M) in Innovent up front at HK$42.42 (approx. $5.40) per share in Innovent common stock. Sanofi is eligible for EUR80M (approx. $81.7M) in development milestones plus royalties for SAR408701, while Innovent is eligible to receive EUR60M (approx. $61.3M) in development milestones and royalties for SAR444245.

read more
July 2022 Top Biopharma Deal: Orion – MSD for Prostate Cancer Drug ODM-208

July 2022 Top Biopharma Deal: Orion – MSD for Prostate Cancer Drug ODM-208

The top deal upfront for July 2022 was the Orion co-development and co-commercialization deal with MSD for ODM-208. Orion granted MSD rights to co-develop and co-commercialize ODM-208 for the treatment of metastatic castration-resistant prostate cancer. Orion and MSD have an option to convert the co-development and co-commercialization agreement into a global exclusive license to MSD. Upon exercising the option, MSD will retain the responsibility for all accrued and future development and commercialization expenses associated with the program. Orion will receive $290M up front, including $221M recognized as income, and approximately $60.3M reserved to cover Orion’s share of ODM-208 future development cost. Orion is eligible for undisclosed development and commercialization milestones, plus double-digit tiered royalties.

read more
June 2022 Top Biopharma Deal: Sanofi – Regeneron Pharmaceuticals for Cancer/Inflammation drug Libayo

June 2022 Top Biopharma Deal: Sanofi – Regeneron Pharmaceuticals for Cancer/Inflammation drug Libayo

The top deal upfront for June 2022 was the Sanofi development and commercialization deal with Regeneron for Libtayo (Amended Agreement). Sanofi granted Regeneron exclusive, worldwide rights to develop and commercialize Libtayo for the treatment of cancer. Regeneron and Sanofi signed a license agreement in 2015 to develop Libtayo. Sanofi will receive $900M up front and is eligible to receive up to a $100M milestone upon the first approval by either the FDA or EMA for Libtayo in combination with chemotherapy for first-line treatment of certain patients with NSCLC and up to $100M as a sales milestone in the next two years, plus 11% royalties.

read more
May 2022 Top Biopharma Deal: Dragonfly Therapeutics – Gilead Sciences NK cell engager for cancer/inflammation

May 2022 Top Biopharma Deal: Dragonfly Therapeutics – Gilead Sciences NK cell engager for cancer/inflammation

The top deal upfront for May 2022 was the Dragonfly Therapeutics development and commercialization deal with Gilead Sciences for solid tumors. Gilead has an exclusive, worldwide option to develop and commercialize additional NK cell engager programs by using its Tri-specific NK Engager (TriNKET) platform after the completion of certain preclinical activities. Dragonfly will receive $300M up front and is eligible to receive undisclosed opt-in payments and development, regulatory, and commercial milestones, plus up to 20% royalties.

read more
April 2022 Top Biopharma Deal: Harbour BioMed – AstraZeneca Bispecific Antibody for Cancer Treatment

April 2022 Top Biopharma Deal: Harbour BioMed – AstraZeneca Bispecific Antibody for Cancer Treatment

The top deal upfront for April 2022 was the Harbour BioMed development and commercialization deal with AstraZeneca for solid tumors. AstraZeneca will be responsible for all costs for development and commercialization. HBM will receive $25M up front and is eligible for up to $325M in development, regulatory, and commercial milestones, plus undisclosed tiered royalties.

read more
February 2022 Top Biopharma Deal:  Heidelberg – Huadong ATAC Candidates for Cancer Treatment

February 2022 Top Biopharma Deal: Heidelberg – Huadong ATAC Candidates for Cancer Treatment

The top deal upfront for February 2022 was the Heidelberg development and commercialization partnership with Huadong for HDP-101, HDP-103, and options for HDP-102 (CD37-ATAC) and HDP-104. Heidelberg will receive $20M up front and is eligible for up to $449M in milestones with additional $461M in option payments upon exercise. Additionally, Huadong will invest EUR 105M (35%) in Heidelberg, with an initial commitment of EUR 80M by purchasing 12,408,649 shares at EUR 6.44 per share.

read more
January 2022 Top Biopharma Deal: Beam – Pfizer In Vivo Base Editing and Delivery Programs for Rare Diseases

January 2022 Top Biopharma Deal: Beam – Pfizer In Vivo Base Editing and Delivery Programs for Rare Diseases

The top deal upfront for January 2022 was the Beam Therapeutics research partnership with Pfizer with an option to license in vivo base editing programs. Beam will receive $300M up front, up to up to $1.05B in development, regulatory, and sales milestones, plus royalties per licensed program. If Beam opts in to co-develop/co-promote a program, the companies will share cost and profits 65%/35% (Pfizer/Beam).

read more
November 2021 Top Biopharma Deal: Sanofi – Owkin artificial intelligence and federated learning platform to advance Sanofi’s oncology pipeline

November 2021 Top Biopharma Deal: Sanofi – Owkin artificial intelligence and federated learning platform to advance Sanofi’s oncology pipeline

The top deal upfront for November 2021 was the Owkin – Sanofi artificial intelligence and federated learning platform research partnership to advance Sanofi’s oncology pipeline. Owkin will receive a $180M upfront equity investment, $90M in R&D funding over 3 years, and is eligible for additional undisclosed R&D milestones.

read more

You met on Zoom. Now it's Deal Time.

With thousands of company profiles and a decade of deals specifically in biopharma and medtech, you'll take the guesswork out of deal comps. Schedule your customized demo to see how DealForma helps you win that term sheet with better data.