Blackstone/Sanofi deal rationale

Hi guys,

I wanted your thoughts about the recent deal between Blackstone and Sanofi. Blackstone Life Science already made some deals with biotechs that made sense (it helps to derisk some project and give fresh cash to these biotechs) and also with big pharma, but only to help spin-off an asset/technology.

I do not understand the rationale for Sanofi to do this deal because:

1/ Sanofi do not need cash (and 300m is basically nothing for them)

2/ On the contrary they want to fill their oncology pipeline

3/ So Sanofi is in the position where they should take some risks (btw Sarclisa already got an FDA approval in certain indications)

Please note that the previous CEO of Sanofi is now an advisor at Blackstone LF...