May 06, 2022 IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies, reported that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act), has expired in connection with the Company’s previously announced exclusive worldwide collaboration agreement with Sanofi (Press release, IGM Biosciences, MAY 6, 2022, View Source [SID1234613787]). In connection with the closing of the collaboration agreement, Sanofi will pay IGM a $150 million upfront payment. The collaboration is for the creation, development, manufacture, and commercialization of IgM antibody agonists against three oncology targets and three immunology/inflammation targets.
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"We are pleased to announce today the official start of our exciting collaboration with the talented and dedicated team at Sanofi, having now closed the transaction," said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. "We look forward to building on our longstanding relationship with Sanofi, a global leader in the development and commercialization of innovative therapies, and to accelerating the development of our IgM antibody platform across multiple areas of high unmet need beyond our current pipeline efforts."
In addition to the $150 million upfront payment, IGM is eligible to receive potentially over $6 billion in aggregate development, regulatory and commercial milestones, as well as a 50:50 profit share in certain major market countries and tiered royalties on net sales in the rest of world for oncology targets, and tiered royalties on global net sales for autoimmune/inflammation targets.