AnaptysBio is riding Wall Street momentum, reporting its highest share price in almost five years after a $100 million offering that brought Sanofi aboard.
The immunology-focused biotech courted the larger pharma on the new offering announced Wednesday, which was led by EcoR1 Capital and included Cormorant Asset Management and Farallon Capital Management, among others. The company said Sanofi did not receive rights to any programs as part of its equity investment.
A spokesperson for Sanofi did not immediately respond to a request for comment.
According to a Leerink Partners investment note this morning, Sanofi’s corporate arm approached AnaptysBio for an investment “at a premium for common equity; there are no strings attached (no right of first negotiation, no right of first refusal). This type of strategic investment is uncommon.”
The proceeds will primarily be used to advance AnaptysBio’s mid to late-stage pipeline, including Phase 3 studies for BTLA agonist ANB032
