Recordati Acquires Enjaymo® from Sanofi

Recordati has announced an agreement to acquire global rights to Enjaymo® (sutimlimab) from Sanofi. Enjaymo® is the only targeted biologic approved for treating cold agglutinin disease (CAD), a rare B-cell lymphoproliferative disorder. The humanized monoclonal antibody is designed for adult patients experiencing hemolysis due to CAD. Approved by regulatory bodies in the U.S., Europe, and Japan in 2022, Enjaymo® is administered as a chronic IV treatment, addressing significant unmet medical needs.

Financially, Enjaymo® generated about €100 million in revenue over the past year and is projected to exceed €150 million in FY 2025, with potential peak sales of €250-300 million. Recordati anticipates minimal revenue contribution in 2024 but expects the acquisition to be immediately beneficial to EBITDA margins above the current average for Rare Diseases by 2025.

The agreement includes an upfront payment of US$825 million and additional milestone payments up to US$250 million based on net sales performance. The transaction is expected to close by the end of 2024, pending regulatory approvals. Funding will come from existing cash and new bank debt, with projected net debt around 2.4-2.5x EBITDA by the end of 2024, reducing to less than 2.0x EBITDA by 2025. The company's dividend and capital allocation strategies will remain unchanged.

Rob Koremans, Recordati's CEO, stated that this acquisition aligns with their strategy, enhances their commitment to Rare Diseases, and complements their Oncology portfolio, especially Sylvant®. He emphasized that Enjaymo® will positively impact both revenue and profits while addressing crucial patient needs.