France’s Sanofi, the giant healthcare company, is set to buy US drug development project INBRX-101 from Inhibrx Inc. for $2.2 billion, Reuters reported on Tuesday.
Both companies said in a statement that Inhibrx shareholders would be getting $30 per share in cash with one contingent value right (CVR) equal to $5 and 0.25 shares in New Inhibrx.
The INBRX-101 is an experimental drug currently in the second phase of clinical trials and is set to treat Alpha-1 Antitrypsin Deficiency (AATD). AATD is an inherited rare disease which causes progressive deterioration of the lung tissues.
Sanofi announced in 2023 that it would abandon its 2025 earnings targets to boost its research and development, which caused a slip of 15 per cent in its share price.
Inhibrx will continue to operate under its current name and will be led by Mark Lappe.
