Healthcare group Sanofi invests 50 million euros in Jeito Capital

French healthcare giant Sanofi (NASDAQ: SNY) has invested 50 million euros ($59 million) into Jeito Capital, an investment firm dedicated to biotech and biopharma, in a deal that Sanofi said would support French and European healthcare innovation.

“We are pleased to collaborate with Jeito Capital and its international team of pharma and biotech experts who are renowned for creating value through innovation,” said Sanofi Chief Executive Officer Paul Hudson (NYSE: HUD) in a statement on Friday.

“This investment provides Sanofi with access to the very best in French and European healthcare innovation and reinforces our commitment to investing in our medium and long-term development pipeline,” said Hudson.

($1 = 0.8470 euros)