Recordati to Buy Global Rights to Sanofi's Enjaymo for $825 Million

By Andrea Figueras

Recordati reached an agreement with French pharmaceutical company Sanofi to acquire the global rights to autoimmune disorder treatment Enjaymo for $825 million.

The Italian pharmaceutical company said Friday that the deal also comprises additional commercial milestone payments of up to $250 million, if net sales reach certain thresholds.

The agreement matches Recordati's broader strategy, Chief Executive Rob Koremans said. It strengthens the rare-diseases franchise and is complementary to the company's oncology portfolio, he added.

Enjaymo treats cold agglutinin disease, a rare disorder that causes the body's immune system to attack its own red blood cells.

In 2022, the humanized monoclonal antibody was granted approval by the U.S. Food and Drug Administration, the European Commission and the Japanese Ministry of Health, Labor and Welfare.

Enjaymo's revenue amounted to around 100 million euros ($110.3 million) for the 12 months to August and is expected to generate more than 150 million euros in fiscal 2025. It has a peak sales potential of between 250 million and 300 million euros.

Recordati expects minimal revenue contribution this year and said the transaction will be immediately accretive at the earnings before interest, taxes, depreciation and amortization level.

The transaction is expected to close by the end of 2024, subject to regulatory clearances.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 04, 2024 02:47 ET (06:47 GMT)

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