Sanofi, a global healthcare leader, announced its definitive agreement to acquire Inhibrx, Inc., a clinical-stage biopharmaceutical company, for approximately $1.7 billion. This strategic move will add INBRX-101, a promising rare disease asset for Alpha-1 Antitrypsin Deficiency (AATD), to Sanofi’s portfolio.

INBRX-101, a human recombinant protein, is being developed to treat AATD, a rare inherited disease primarily affecting the lungs, leading to progressive tissue deterioration. INBRX-101 shows the potential to normalize serum AAT levels in patients with less frequent dosing (monthly instead of weekly).

Sanofi and Inhibrx have agreed on transaction terms, including $30.0 per share in cash, contingent value rights (CVRs) of $5.0 per share upon regulatory milestone achievement, and 0.25 shares of New Inhibrx per Inhibrx share.

New Inhibrx, a newly created entity post-spin-off, will retain non-INBRX-101 assets, focusing on Inhibrx’s immuno-oncology pipeline.

The transaction, unanimously approved by both companies’ Boards of Directors, is subject to the completion of the New Inhibrx spin-off and other customary closing conditions. Sanofi plans to finance the acquisition with available cash resources, expecting the transaction to close in Q2 2024.

Sanofi’s acquisition underlines its continued commitment to innovation in rare diseases, complementing its 30-year legacy in this field and established leadership in immunology and inflammation.

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. With our expertise in rare diseases and growing presence in immune-mediated respiratory conditions, INBRX-101 will complement our approach to deploy R&D efforts in key areas of focus and address the needs of the underserved AATD patients and communities.

Houman Ashrafian, Head of Research and Development, Sanofi