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Sanofi offer suggests value in Lemtrada, but not much

This article was originally published in Scrip

Executive Summary

Just over a week after Sanofi received a US FDA refuse-to-file letter on 27 August for its multiple sclerosis drug Lemtrada (scripintelligence.com 27 August 2012), the company has offered a premium price to buy the Contingency Value Rights associated with its 2011 purchase of Genzyme. This suggests that Sanofi wants to signal strongly to both its own shareholders and to CVR holders that Lemtrada's (alemtuzumab) problems are resolvable. At the same time, the company may be trying to test investors' perceptions of Lemtrada's prospects in MS in order to calculate how to minimise its outlay on the CVRs in the following months and years.

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