French pharmaceutical giant Sanofi (NASDAQ: SNY) has announced the acquisition of INBRX-101, a promising candidate for rare genetic diseases, from U.S. biotechnology firm Inhibrx (NASDAQ: INBX). INBRX-101, currently in Phase II trials for alpha-1 antitrypsin deficiency (AATD), is a recombinant human AAT-Fc fusion protein designed to restore serum AAT activity, thereby inhibiting the enzyme that causes lung tissue damage in AATD patients. The drug’s monthly administration schedule is expected to reduce the treatment burden for patients.
The acquisition will be executed through a merger with Inhibrx following the spin-off of all non-INBRX-101 assets into a new immuno-oncology company, New Inhibrx, which will be capitalized with $200 million in cash. Sanofi has agreed to pay $1.7 billion for all outstanding shares of Inhibrx and up to $296 million in milestone payments, while also retaining an 8% equity stake in New Inhibrx.
The transaction is anticipated to close in the second quarter of 2024.- Flcube.com
