Sanofi gains AATD hopeful with $1.7-billion deal for Inhibrx

23 Jan 2024
firstwordpharma.com
Phase 2Acquisition
Sanofi will add an experimental drug for alpha-1 antitrypsin deficiency (AATD)alpha-1 antitrypsin deficiency (AATD) to its rare disease pipeline through the acquisition of Inhibrx. Under the deal – announced Tuesday – the French drugmaker agreed to pay $30 per share in cash to buy Inhibrx, representing an equity value of around $1.7 billion.
Inhibrx’s recombinant human AAT-Fc fusion protein INBRX-101 is designed to allow dosing every three to four weeks, versus weekly treatment for current regimens. The therapy, which works by inhibiting neutrophil elastase, an enzyme responsible for lung tissue damage in AATD patients, is currently being investigated in a Phase II study.
Along with the cash component, Inhibrx shareholders will receive a contingent value right (CVR) of $5 per share, or a total of about $296 million, that will pay out if certain regulatory milestones are hit. The transaction has been approved by both companies’ boards and is expected to close in the second quarter.
Ahead of completion, Inhibrx will split off all of its other assets, including the experimental cancer drugs INBRX-109, INBRX-106 and INBRX-105, into a new company that will be backed by $200 million in cash. Shareholders will receive 0.25 shares of the newly created entity for each Inhibrx stock held, while Sanofi will hold an equity stake of 8%.
More to come.
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