Sanofi-Aventis and Regeneron Pharmaceuticals Inc. said Tuesday they expanded an existing development partnership to run through 2017.
Initially, the partnership signed in 2007 was set to end in 2012.
Under the expanded deal, the companies plan on advancing up to five antibodies into clinical development each year, with Sanofi-Aventis funding up to $160 million annually for Regeneron research until the end of 2017 _ up from prior funding levels of $100 million annually.
The companies have so far pushed four potential drugs into clinical development, aimed at conditions ranging from rheumatoid arthritis and pain, to advanced malignancies.
Shares of Sanofi-Aventis, headquartered in Paris, fell 2 cents to close at $37.89.
Shares of Regeneron, headquartered in Tarrytown, N.Y., rose 33 cents, or 2.1 percent, to reach $16.13 in after-hours trading after gaining 12 cents to close at $15.80 during the regular trading session.