French pharmaceutical company Sanofi-Synthelabo will invest as much as €600 million in the development of 20 cancer drugs by the French company Immuno-Designed Molecules now in advanced stages, the Financial Times reports. IDM is a 10% holding of Clal Biotechnology Industries, a leading life sciences investor in Israel.
As part of the ten-year deal Sanofi will increase its stake in IDM from 3% to 10%. Sanofi will be granted the right to refuse ten drugs in the first five years of the contract, and then to refuse two every year. For every drug developed Sanofi will pay €2 million at various stages of its development.
IDM was founded in 1993, and specializes in the development of families of drugs that detect carcinogenic cells. Since it was founded the company raised €73.9 million in three financing rounds. Shareholders in IDM include Apax Europe, Atlas Venture and the biotechnology firm MedARKS.