AstraZeneca , Sobi and Sanofi Update Contractual Agreements on nirsevimab in the US By Investing.com

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AstraZeneca , Sobi and Sanofi Update Contractual Agreements on nirsevimab in the US

Published Apr 11, 2023 05:58

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AstraZeneca , Sobi and Sanofi Update Contractual Agreements on nirsevimab in the US

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AstraZeneca (NASDAQ:AZN), Swedish Orphan Biovitrum AB (publ) (Sobi) and Sanofi (NASDAQ:SNY) have updated and simplified their contractual arrangements relating to the development and commercialisation of nirsevimab in the US. Given the upcoming launch of nirsevimab in the US and other markets, simplification of the prior arrangements clarifies the roles and responsibilities of relevant parties.

Under the updated arrangements, Sobi has entered into a direct relationship with Sanofi, replacing the previous participation agreement with AstraZeneca entered into in November 2018. Under the previous agreement, from the day of the transaction with Sobi, AstraZeneca had to provision the risk adjusted value of the discounted cash flow of future payments to be made to Sobi as a liability. As a result of this simplification agreement, Sanofi will pay royalties to Sobi as US nirsevimab sales arise, and the liability related to future obligations is eliminated. AstraZeneca will record a gain of $0.7 billion, to be recognised in Core Other operating income in 2023. This does not impact AstraZeneca’s financial guidance for 2023.

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