Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 377

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 377
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, Inc. (Amunix), thereby gaining access to Amunix’s innovative ProXTen technology and a promising pipeline of immunotherapies. The acquisition price of Amunix comprises a fixed cash payment of € 970million , plus contingent consideration in the form of milestone payments based on attainment of certain future development objectives of up to $ 225million , the fair value of which as of the acquisition date was € 156million . In accordance with IFRS 3, this contingent purchase consideration was recognized in Liabilities related to business combinations and non-controlling interests (see Note D.18.). The final purchase price allocation led to the recognition of € 609million of goodwill, determined as follows:

| (€ million)                                          | Fair value at acquisition date |
| Other intangible assets                              |                            493 |
| Other current and non-current assets and liabilities |                            -13 |
| Cash and cash equivalents                            |                            118 |
| Deferred taxes, net                                  |                            -81 |
| Net assets of Amunix                                 |                            517 |
| Goodwill                                             |                            609 |
| Purchase price                                       |                          1,126 |

Other intangible assets comprise ProXTen, an innovative universal protease-releasable masking technology platform for the discovery and development of transformative cytokine therapies and T-cell engager (TCE) immunotherapies for patients with cancer. In 2023, an impairment loss was taken against the ProXTen platform, in line with a strategic decision to de-prioritize certain R&D programs (see Note D.5., "Impairment of intangible assets and property, plant and equipment"). The license agreement entered into with Vir Biotechnology, Inc. in September 2024 led to the derecognition of the ProXTen intangible asset for its full value, after recognizing a partial reversal of the impairment recognized in 2023. Goodwill mainly represents the value of Amunix’s upstream research and development pipeline of immuno-oncology therapies based on next-generation conditionally activated biologics, especially when combined with Sanofi’s existing oncology portfolio. The goodwill generated on this acquisition does not give rise to any deduction for income tax purposes. Amunixhas no commercial operations. T he impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a cash outflow of € 852million .

| SANOFIFORM 20-F2024 |