Biocorp (PAR:ALCOR) said today that it inked a deal with pharma giant Sanofi (NYSE:SNY) to integrate its Mallya sensor into Sanofi’s diabetes management platform.
Issoire, France-based Biocorp’s Mallya is designed to clip to an injection pen to automatically log and transmit dosage data. The deal calls for Sanofi to pay Biocorp €4 million, or about $4.5 million, “to support related development activities,” Biocorp said.
“This exciting first step towards a partnership with Sanofi, one of the three largest diabetes care companies, confirms our position as the world leader in connected devices. For us, this is a result of the promises we have made to our shareholders, employees and partners since our initial public offering in 2015. We are proud to bring a breakthrough device to the market to improve the daily lives of patients with diabetes. We believe our innovative Mallya has great potential to become the standard in its class and should contribute significantly, and in a short time, to our very strong growth,” COO Eric Dessertenne said in prepared remarks.
ALCOR shares were off -1.5% at €13.10 apiece today in late-day trading in Paris.
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