2024-01-23 06:43:00
Specializing in the development of biological drug candidates, Inhibrx will be acquired by the Sanofi group for nearly $2.2 billion. The takeover of the American biopharmaceutical company includes the separation of its non-INBRX-101 assets. This protein acts against a rare hereditary disease characterized by lower than normal serum levels of AAT protein that mainly affects the lungs and leads to progressive tissue deterioration. Sanofi says INBRX-101 may help reduce inflammation and prevent deterioration of respiratory function. “This acquisition is in line with Sanofi’s portfolio growth strategy, in addition to complementing 30 years of know-how in the sphere of rare diseases and proven leadership in immunology and inflammation,” indicates the French group. .
A wave of buyouts in recent months
As part of this transaction, Inhibrx shareholders will receive $30 per share in cash (27.50 euros), and a contingent value right equal to $5 and 0.25 shares of New Inhibrx, a new listed company in Sotck exchange. Following the completion of the transaction, New Inhibrx will continue to operate under the Inhibrx name and will be led by Mark Lappe as Chief Executive Officer.
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Sanofi will be responsible for Inhibrx’s outstanding debts to third parties and will finance New Inhibrx to the tune of $200 million. Sanofi will also retain an 8% stake in New Inhibrx. The global pharmaceutical sector has seen a wave of takeovers in recent months. In December, Bristol-Myers Squibb announced a $14 billion buyout of Karuna Therapeutics, while a source reported earlier this year that Novartis was in advanced discussions to acquire Cytokinetics in a deal that could add the American biopharmaceutical company worth more than $10 billion.
With Archyde.com (Sudip Kar-Gupta; French version Nathan Vifflin, edited by Blandine Hénault)
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