Sanofi Will Pay 2 Billion for the Biotech Company Inhibrx

The French laboratory Sanofi has reached an agreement with the biopharmaceutical company Inhibrx to acquire through its subsidiary Aventis all the assets and liabilities associated with the Inbrx-101 therapy for a maximum of $2.2 billion, according to informed companies.

Thus, immediately prior to the closing of the merger, all non-101 assets and liabilities, including Inbrx-105, Inbrx-106, Inbrx-109, Inhibrx’s No. 101 discovery project and its corporate infrastructure, will be spun off. of biopharmaceuticals into a new listed company, called Inhibrx Biosciences.

Under the terms of the agreement, Sanofi will acquire all of the outstanding shares of Inhibrx through a merger and, in turn, each Inhibrx shareholder will receive thirty dollars in cash per share and one contingent value right for each share, which represents the entitled to receive a contingent payment of five dollars in cash based on regulatory milestones, in addition to one share of New Inhibrx for every four shares of Inhibrx common stock held.

With the transaction, Sanofi will assume and repay Inhibrx’s outstanding third-party debt and will finance New Inhibrx with $200 million in cash (€183 million) and retain an 8% equity stake in New Inhibrx, while the Inhibrx shareholders will own the remaining 92%.

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Sanofi announced last October measures to save 2 billion euros in costs until 2025 after its separation from Consumer Health

Following the closing of the transaction, which has been unanimously approved by the boards of both companies, New Inhibrx will continue to operate under the name “Inhibrx” and will be led by Mark Lappe as president and CEO , as well as the other members of the current Inhibrx management team.

Last October, the French pharmaceutical company announced measures to save 2 billion euros in costs until 2025 after its separation from Consumer Health at the end of 2024. As a result of this announcement, the pharmaceutical company’s shares plummeted 16% on the Stock Exchange. Paris during the day on Friday, with losses of about 19.5 billion euros in its market value.

In this context, Sanofi also published its latest results, in which it recorded a net profit of 5.95 billion euros at the end of the third quarter of 2023 , a growth of 13.2% compared to the result acquired in the same period of the previous year. Specifically, third quarter profits increased by 21.6% in the third quarter, up to 2.52 billion euros.

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(Featured image by geralt via Pixabay)

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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