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The pair have teamed up with production company Altantia Canarias to pick up the movie and TV rights to Henri Charriere's autobiography, famously turned into a film in 1973.
Papillon focuses on a man wrongly convicted of murder (played by McQueen in the original) who is sentenced to life imprisonment in a French penal colony. After meeting a fellow prisoner, a counterfeiter played by Dustin Hoffman, he begins to plan his escape.
The $90 million-budgeted film, which is searching for a director and writer, will shoot next summer on the Canary Islands.
