SNY - Olympic Sponsor Sanofi Makes Major Play In Rare Disease Arena $2.2 Billion Acquisition Of Inhibrx Project | Benzinga
In a strategic move to bolster its rare disease business, Sanofi SA (NASDAQ:SNY) has agreed to acquire the drug development project INBRX-101 from its parent company, Inhibrx Inc (NASDAQ:INBX). This acquisition is valued at approximately $2.2 billion.
What Happened: The French healthcare company announced the acquisition on Tuesday, as reported by Reuters. The deal includes a cash payment of $30 per share to Inhibrx shareholders, along with a contingent value right (CVR) of $5 and 0.25 shares in New Inhibrx. This new publicly traded company will hold assets unrelated to INBRX-101.
INBRX-101 is an experimental drug currently in the second phase of clinical trials. It is designed to treat Alpha-1 Antitrypsin Deficiency (AATD), a rare inherited disease that causes progressive lung tissue deterioration.
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Sanofi, which primarily generates revenue from anti-inflammatory treatments, had previously shifted its strategy to focus on research and development (R&D). This move, led by CEO Paul Hudson, resulted in a 15% drop in share price. ...