RBC Capital says Regeneron may be considering an expanded or renegotiated collaboration with Sanofi, potentially covering next-generation immunology and inflammation medicines.
The revised arrangement could give Regeneron more favorable economics—possibly a 50/50 global profit split or better—on assets it contributes. Sanofi could contribute a later-stage drug, while the companies may establish broader rules for adding external assets.
RBC expects discussions could produce an agreement as soon as late 2026 or early 2027, although no deal has been announced and the terms remain speculative.
RBC maintained a Sector Perform rating on Regeneron and a $737 price target, estimating roughly 8%–13% potential upside. It said the restructuring would probably have little immediate impact on Regeneron’s earnings.
The potential negotiations come after Sanofi’s new CEO said the company wants to rebuild trust with Regeneron and explore expanding their long-running alliance. Recent disputes and changes in ownership have made the partnership more complicated.
Sources:
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