Sanofi released a statement detailing its intent to sell its stake in biotech company Regeneron through a registered public offering, a move that will allow the French drugmaker to focus more on fast-growing sectors.
Sanofi first purchased shares from Regeneron in 2004 and currently holds nearly 23.2 million shares, which constitutes about 20.6 percent ownership. The stake the drugmaker is planning to sell is valued at about $13 billion.
The May 25 statement reveals Regeneron's plans to repurchase $5 billion of its stock from Sanofi dependent on the public offering's completion. The proposed offering will take place simultaneously in the U.S. and internationally.
The proposed sale will give Sanofi more room to acquire assets in the rare disease, cancer and gene therapy fields.