Sanofi buys into NeuroVive's cardio drug in Korea

Sanofi ($SNY) is betting on the promise of NeuroVive Pharmaceutical's top prospect, buying the South Korean rights to the biotech's Phase III cardiovascular drug. Under the deal, Sanofi is paying an undisclosed upfront payment and promising cash milestones to co-develop CicloMulsion, a drug designed to treat injuries that result from post-heart attack reperfusion. Sanofi will handle the Korean launch, promotion and sale of CicloMulsion if it wins approval, paying its partner an unspecified royalty. More