Sanofi Says Its $2.5 Billion Biotech Takeover Is Just the Beginning

As the year comes to a close, Sanofi (NASDAQ: SNY) has a holiday gift for investors in the form of a new strategy. The French drugmaker announced a $2.5 billion biotech takeover in the growing immuno-oncology field earlier this week, then a day later said it is dropping research in the diabetes and cardiovascular fields. This is big news because Sanofi's top-selling drug is diabetes drug Lantus. The problem is that with pricing pressure from competitors, Lantus' sales have been sliding -- and fast.