Looking to get its hands on a promising rare disease candidate, Sanofi has agreed to acquire California-based Inhibrx.
The deal hinges on Inhibrx's phase 2 Alpha-1 Antitrypsin Deficiency (AATD) asset, INBRX-101. AATD is an inherited rare disease characterized by low levels of AAT protein, predominantly affecting the lung with progressive deterioration of the tissue. INBRX-101 is designed to reduce inflammation and prevent further deterioration of lung function in affected individuals, with less frequent (monthly vs. weekly) dosing.
As part of the deal, Sanofi will spin off all non-INBRX-101 assets — three sdAb-based therapeutic candidates currently being evaluated in trials against various cancers — into a new publicly traded company, New Inhibrx.
Per the deal, Sanofi will acquire all outstanding shares of Inhibrx for $30.0 per share in cash, representing an equity value of approximately $1.7 billion. The other pieces of the deal, which include Sanofi assuming inhibrx's outstanding debt and retaining an 8% equity interest in New Inhibrx, add up to a total transaction value of approximately $2.2 billion.
Looking to build its rare disease portfolio, Sanofi had signed a potential $750 million deal with Maze Therapeutics Back in May, to pick up its glycogen synthase 1 program, including its lead clinical candidate currently in development for the treatment of Pompe disease. Sanofi later abandoned the deal in December, following the FTC's move to block the acquisition.