Sanofi Bets Over $1B For Eureka's Multiple Myeloma Candidate

Sanofi SA SNY has penned a licensing agreement with Eureka Therapeutics and Memorial Sloan Kettering Cancer Center for the non-CAR use of a new, human binding domain that targets G Protein-Coupled Receptor Family C Group 5 Member D (GPRC5D).
Eureka discovered the binding domain using its proprietary antibody discovery platform and was developed under a collaboration with Memorial Sloan Kettering (MSK).
Under the terms of the agreement, Sanofi has exclusive rights to the GPRC5D binder for non-CAR use.
Eureka and MSK are eligible to receive an upfront payment and over $1 billion of potential milestone payments.
Eureka and MSK are also eligible to receive tiered royalties on net sales.
"Targeting GPRC5D has the potential to improve the durability of response from current therapies and to improve the long-term clinical benefits for patients," said Eureka CEO and President Cheng Liu.
Price Action: SNY shares are down 1.8% at $51.43 during the market session on the last check Tuesday.