Inhibrx Inc. Shareholders Approve INBRX-101 Sale to Sanofi

Inhibrx, Inc., a clinical-stage biopharmaceutical company, has announced that its stockholders have approved a significant transaction with Sanofi. The approval took place during a special meeting, where stockholders agreed to sell all assets and liabilities primarily related to INBRX-101, a recombinant therapy for alpha-1 antitrypsin (AAT) deficiency, to Sanofi. The therapy, INBRX-101, is currently undergoing a registrational trial for AATD treatment.

Prior to the finalization of this merger, Inhibrx will separate its non-101 assets and liabilities, including INBRX-105, INBRX-106, and INBRX-109, as well as its discovery pipeline and corporate infrastructure. These will be spun out into a new publicly traded entity, Inhibrx Biosciences, Inc., referred to as New Inhibrx.

Sanofi will acquire all outstanding shares of Inhibrx through a merger with one of its indirect wholly owned subsidiaries. According to the terms outlined, Inhibrx stockholders will receive $30 per share in cash and a contingent value right of $5 per share upon achieving a regulatory milestone. Additionally, stockholders will receive one share of New Inhibrx for every four shares of Inhibrx common stock they hold as of May 17, 2024. As part of this transaction, Sanofi will assume and retire Inhibrx's third-party debt, and will also ensure that New Inhibrx is funded with a minimum of $200 million in cash. Sanofi will retain an 8% equity interest in New Inhibrx.

Completion of these transactions is anticipated in the coming days, contingent on meeting customary closing conditions. Following the closure, Inhibrx's common stock will be delisted from The Nasdaq Global Market and deregistered under the Securities Exchange Act of 1934. Consequently, Inhibrx will cease filing periodic reports with the U.S. Securities and Exchange Commission (SEC).

Inhibrx is recognized for its development of innovative biologic therapeutic candidates aimed at treating complex diseases, particularly in the areas of oncology and rare diseases. The company employs advanced protein engineering techniques to address specific disease and target biology needs.

Sanofi is a global healthcare leader focused on delivering life-changing treatments and vaccines. Operating in approximately 100 countries, Sanofi strives to transform medical practices and improve lives through scientific innovations.

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