Sanofi axes IGM pact, sparking 80% layoffs at the biotech and facility closures
Sanofi Terminates IGM Biosciences Collaboration, Triggering Major Restructuring
Sanofi officially terminated its Collaboration and License Agreement with IGM Biosciences on May 5, 20251
The termination resulted in IGM Biosciences laying off 80% of its workforce
IGM is closing most of its lab and office facilities as a direct consequence
This collaboration was originally established on March 28, 2022, focusing on developing IgM agonist antibodies13
Prior to termination, in April 2024, the collaboration had been refocused exclusively on immunology/inflammation targets, dropping oncology programs2
The partnership had structured IGM to lead early research through Phase 1 trials, with Sanofi taking over later development stages and commercialization2
This termination eliminates IGM's last remaining program in its pipeline
The biotechnology industry has been experiencing significant layoffs, with several companies including Lyell Immunopharma and AmplifyBio also announcing workforce reductions and facility closures in recent months5
Sources:
1. https://www.marketscreener.com/quote/stock/IGM-BIOSCIENCES-INC-65338650/news/IGM-Biosciences-Inc-Receives-Notice-of-Termination-of-Certain-Collaboration-and-License-Agreement-49898303/
2. https://investor.igmbio.com/news-releases/news-release-details/igm-biosciences-announces-refocusing-sanofi-collaboration
3. https://www.sanofi.com/en/media-room/press-releases/2022/2022-03-29-05-00-00-2411497