Regeneron Pharmaceuticals Inc., a New York drug developer, has invested in a California biotechnology company that started trading publicly last week
Regeneron Pharmaceuticals Inc., a New York drug developer, has invested in a California biotechnology company that started trading publicly last week.
Regeneron made the move after partnering with the clinical-stage biotechnology company, Avalanche Biotechnologies, Inc., based in Menlo Park, California, in May. That’s when the companies started a project to develop and commercialize treatments for eye diseases.
The partnership bucks a trend for Regeneron, which has recently been the recipient of support from a larger company, Sanofi, a $137 billion company based in Paris, France.
Avalanche completed its initial public offering, or IPO, on Aug. 5. Regeneron owned about 8 percent of the company’s total available stock related to the IPO, Securities and Exchange Commission filings show.
The investment is important because revenue from the Avalanche partnership is expected to generate revenue for Regeneron, which is based in Tarrytown, New York. Regeneron employs nearly 2,500, including 900 workers at its manufacturing plant in East Greenbush. The company has been growing rapidly in recent months.