Sanofi terminates early-stage collaboration agreement in Haemophilia Oxford Biomedica has this morning announced that Sanofi intends to terminate its Collaboration and License Agreement with the company. Deal signed in March 2018 Oxford Biomedica entered into the partnership deal with Bioverativ (now part of Sanofi) in March 2018, to develop in vivo gene therapies for haemophilia A (Factor VIII deficiency) and haemophilia B (Factor IX deficiency). Under the terms of the agreement, Oxford Biomedica received $5m upfront (upon granting Bioverativ a licence to the lentiviral vector platform) and was eligible for up to $100m of additional milestone payments relating to process development, technology transfer, regulatory progress and sales levels, in addition to a royalty of potential sales and technology access fees over the period in which the lentivirus technology is provided. No change to forecasts The agreement has not generated material revenue, and we were not including any future economics from the early-stage collaboration in our model. We are not making any changes to forecasts, and our recommendation remains Sell on valuation grounds. Our target price is under review in the run-up to FY results on 15th April.