Innate Pharma: Out-licensing deal with Sanofi and in-licensing with OREGA BiotechBUY, Fair Value EUR19 (+48%)
Innate Pharma announced two pieces of news linked to its business development: 1/ an out-licensing deal with Sanofi covering a new programme of NK bispecific antibodies. Under the terms of the licence agreement, Sanofi will be responsible for the development, manufacturing and commercialisation of products resulting from the research collaboration. Innate Pharma will be eligible for up to EUR400m in R&D and commercial milestone payments as well as royalties on net sales; and 2/ an in-licensing deal with OREGA Biotech allowing it to get its hands on an anti-CD39. This is a really interesting target in our eyes which will permit it to enlarge its scope to antibodies modulating an immunosuppressive tumour microenvironment (and this a very hot very field at the moment). BUY reiterated with a FV of EUR19.
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