Regeneron Pharmaceuticals, Inc. (NasdaqGS:REGN) acquired rights to two novel ophthalmology development programs from Sanofi (ENXTPA:SAN) for $65 million on May 2, 2013. Under the terms of the agreement, with respect to PDGF antibodies, Regeneron will pay Sanofi $10 million upfront, up to $40 million in development milestone payments, and royalties on sales. With respect to ANG2 antibodies in ophthalmology, Regeneron will pay Sanofi $10 million upfront, a potential $5 ... million development milestone payment, and royalties on sales.
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The shareholders of Sanofi (ENXTPA:SAN) authorized a share repurchase program at its Combined General Shareholder Meeting held on May 3, 2013. Under the program, the company will repurchase shares such that it does not at any time hold a number of shares representing more than 10% of its issued capital, as adjusted to reflect transactions affecting the share capital subsequent to the meeting for €13.26 billion at a maximum purchase price of €100 per share. Acquisitions, ... sales and transfers of shares may be made at any time subject to the limits authorized by the laws and regulations in force but not during the period of a public tender offer and by any means, on regulated markets or via a multilateral trading facility or a systematic internalizer or over the counter, including by block purchases or sales (with no limit on the portion of the share repurchase program that can be carried out by this means), by public tender offer or public exchange offer or by the use of options, forwards or futures traded on regulated markets or a multilateral trading facility or via a systematic internalizer or over the counter or by delivery of shares arising from the issuance of securities giving access to the company’s capital by conversion, exchange, redemption, presentation of a warrant or any other means, either directly or through an investment services provider. The number of shares acquired with a view to their retention or future delivery in connection with a merger, demerger or asset-for-share exchange may not exceed 5% of the company’s share capital. The General Meeting delegates to the Board of Directors powers to adjust the aforementioned maximum purchase price in the event of a change in the par value of the share, increase in share capital by incorporation of reserves, grant of free shares, stock split or reverse stock split, distribution of reserves or of any other assets, redemption of capital, or any other transaction affecting shareholders’ equity, so as to take account of the impact of such transactions on the value of the shares. The General Meeting confers full powers on the Board of Directors, with powers to sub delegate within the law, to decide on and implement the present authorization and if necessary to specify the conditions and determine the terms thereof, to implement the share repurchase program, and in particular to place stock market orders, enter into agreements, allocate or reallocate acquired shares to desired objectives on the applicable legal and regulatory conditions, set terms and conditions on which the rights of holders of securities or options will if necessary be preserved, in accordance with legal, regulatory or contractual provisions, make declarations to the Autorité des marchés financiers or any other competent authority, accomplish all other formalities and generally do all that is necessary. The plan is valid for a period of 18 months.
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