Sanofi to Acquire Inhibrx for $1.7 Billion
Sanofi agreed to acquire biopharmaceutical company Inhibrx following the spin-off of non-INBRX-101 assets into New Inhibrx for approximately $1.7 billion and will also retain an 8% equity stake in New Inhibrx. Sanofi said that it expects to finance the transaction with available cash resources.
INBRX-101 is a human recombinant protein that could offer a significant improvement in the treatment options and quality of life for alpha-1 antitrypsin deficiency (AATD) patients. It has successfully completed a Phase 1 trial and is currently enrolling a Phase 2 clinical trial.
Houman Ashrafian, head of R&D at Sanofi, said: “The addition of INBRX-101 as a high potential asset to our rare disease portfolio reinforces our strategy to commit to differentiated and potential best-in-class products.”
New Inhibrx will retain non-INBRX-101 assets, especially its immuno-oncology pipeline (INBRX-109, INBRX-106, INBRX-105), as well as Inhibrx assets not related to INBRX-101 and Inhibrx’s employees. It will be led by Mark P. Lappe, founder and CEO of Inhibrx, as chairman and CEO, and will continue to operate under the Inhibrx name.
The transaction was unanimously approved by the two boards of directors of Sanofi and Inhibrx.
Sanofi’s acquisition of Inhibrx is subject to the completion of the New Inhibrx spin-off transaction and other customary closing conditions. The transaction is expected to be completed in the course of the fourth quarter of 2024.
