Regeneron Pharmaceuticals (REGN) rose 6% to a record high Friday as two analysts boosted their price targets and French drugmaker Sanofi (SNY) reiterated that it could nearly double its stake in the biotech.
Sanofi could raise its stake in Regeneron to 30% from 16% now, said CEO Chris Viehbacher at a health care investor conference in London.
"The Regeneron relationship has become extremely productive for us," he said. "Over time, it could well make sense to build our stake up to 30%. How fast we do that, whether or not we do that, is a function of a number of different factors.
Regeneron gets most of its revenue from eye drug Eylea, a treatment for wet age-related macular degeneration, co-marketed with Bayer (BAYRY). It has also developed the cancer treatment Zaltrap with Sanofi and is working with Sanofi on other products.
Lazard Capital raised its price target on Regeneron to 325 from 298. RBC Capital Markets raised its target to 293 from 286.
Regeneron shares rose 16.37 to 289.97 on Friday, eclipsing their May 14 peak.
In other biotech news Friday, ViroPharma (VPHM) leapt 28% to a 12-year high of 39.13 on a Bloomberg report that the biotech has hired Goldman Sachs to explore a possible sale. Sanofi and Ireland-based Shire (SHPG) are possible suitors.