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Warp's independence day

Why Warp, Sanofi reworked their build-to-buy partnership into a licensing deal

New revelations about the breadth of Warp Drive Bio LLC's platform, coupled with the lengthy biotech boom, led the company and partner Sanofi to toss out their 2012 build-to-buy deal in favor of a traditional licensing agreement. Sanofi felt the biotech could do a better job of prosecuting the platform as an independent company, increasing the potential value of the pharma's 50% stake.

Warp, meanwhile, gets the freedom to work with other partners or keep programs for itself.

Sanofi and Third Rock Ventures launched Warp in January 2012 with a $125 million financing that included $75 million in tranched equity from Third Rock, Sanofi and Greylock Partners and $50 million in non-equity funding from Sanofi.

The deal also gave Third Rock and Greylock a put option to sell Warp to Sanofi, and Sanofi a call option to

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