Regeneron Pharmaceuticals said it plans to cut some staff as it restructures its partnership with Sanofi.
Under the proposed restructuring, Sanofi is expected to gain sole global rights to rheumatoid arthritis drug, Kevzara and sole ex-U.S. rights to heart drug, Praluent. Regeneron is expected to gain sole U.S. rights to Praluent.
As a result, Regeneron will be reducing the size of its commercial and medical affairs teams related to Kevzara and Praluent. A small amount of field and supporting staff in New York will be let go in mid-February. Regeneron staff across the country may also be affected, though the company declined to comment further because it said it is still finalizing specifics.
The Sanofi collaboration brought in $404.2 million in the third quarter — about 20 percent of Regeneron’s total revenue.
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