一日豪掷200亿！除了Dupixent，赛诺菲还剩什么？

Core Insights - Sanofi has made significant investments totaling $2.74 billion in a single day, indicating a strategic shift towards high-risk, high-reward biotech assets amid a challenging market environment [1][4][5] Group 1: Neuroscience Strategy - Sanofi's $1.04 billion collaboration with ADEL focuses on an early-stage Alzheimer's disease antibody, ADEL-Y01, which targets acetylated Tau protein, differentiating itself from existing Aβ antibody treatments [2][3] - The investment in ADEL-Y01 represents a long-term gamble, as it is currently in Phase I clinical trials and may take 7-10 years to reach market approval [2][3] - The urgency for this investment is partly due to the recent setbacks faced by Sanofi's flagship drug Tolebrutinib, which has encountered clinical pauses due to liver damage risks, creating pressure to diversify its neuroscience pipeline [2][4] Group 2: Immunology Concerns - The $1.7 billion partnership with Dren Bio aims to reduce Sanofi's reliance on Dupixent, its leading drug, which poses risks associated with dependency on a single product [3][4] - Dren Bio's technology focuses on a novel approach to immune response by targeting myeloid cells to clear pathogenic B cells, representing a shift from traditional suppression strategies [3] - The collaboration carries inherent risks, as platform deals in the industry are known for their uncertainty, and Sanofi's past performance in internal immunology research has raised concerns about its ability to effectively leverage Dren's technology [3][4] Group 3: Strategic Transition - The divestment of Sanofi's consumer health business, Opella, marks a decisive shift away from stable cash flows towards high-risk biotech investments, reflecting a commitment to innovation [4][5] - This transition leaves Sanofi without a safety net, increasing vulnerability to failures in its new high-stakes projects in neuroscience and immunology [4][5] - The recent investments are seen as a gamble that underscores the management's determination to transform the company, but also highlights the lack of mature assets in its core therapeutic areas [5][6]