Deals
Biotech CEO Turned Failed Sanofi Drug Into Multibillion Deal
- Celgene to buy Impact Biomedicines for as much as $7 billion
- CEO Hood acquired failed drug from Sanofi using his own money
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In April 2016, John Hood went and told his wife that he had put down a quarter million dollars of their money to try and buy back a drug he’d helped invent, after it had failed in the hands of French drugmaker Sanofi.
There was a catch: Hood had 120 days to find $5 million more to close the deal. If he didn’t, his down payment would be forfeit. “Are you mad at me?” he asked.