PARIS (Reuters) – U.S. company Regeneron Pharmaceuticals said it had agreed to repurchase approximately $5 billion of its shares directly from French drugmaker Sanofi.

Sanofi, which holds about 23.2 million Regeneron shares, said separately it intended to sell its equity investment, and that the move would not change ongoing collaboration between the two groups.

(Writing by Matthieu Protard; editing by John Stonestreet)