Sanofi to Acquire Inhibrx for $2.2 Billion to Strengthen Rare Disease and Immunology Portfolio

On January 23, 2024, Sanofi announced a merger and acquisition agreement with Inhibrx Biosciences, Inc. to strengthen its position in the rare disease and inflammation-immunology fields.

According to the acquisition agreement, Sanofi paid an upfront payment of approximately $1.7 billion ($30 per share), a contingent value right (CVR) of $296 million ($5 per share), and assumed Inhibrx's debt. The new Inhibrx will also receive $200 million in cash. The total transaction amount is as high as $2.2 billion.

Inhibrx's R&D pipeline is as follows, including recombinant AAT-Fc fusion protein, DR5 agonist, OX40 agonist, PD-L1/4-1BB bispecific antibody, etc.

Inhibrx's main technology platform is the single-domain antibody (sdAb), based on which a series of therapeutic drugs are constructed.

Summary

Sanofi has been actively expanding its presence in the single-domain antibody space. In 2018, it acquired Ablynx, a pioneer in nanobody technology, for $4.3 billion, and now it has acquired Inhibrx for $2.2 billion. The product portfolios of the two companies differ significantly: Ablynx’s only marketed product is a vWF nanobody, with subsequent developments focusing on bispecific and multispecific antibodies using nanobody technology. Inhibrx, on the other hand, is developing multiple immune agonist antibodies, as well as its lead pipeline candidate, an AAT-Fc fusion protein. Previously, Elpiscience Biopharma in-licensed two of Inhibrx's products, including an OX40 agonist antibody and a PD-L1/4-1BB bispecific antibody. Recently, Elpiscience Biopharma entered into a collaboration with Astellas concerning the OX40 antibody, valued at over $1.7 billion, with upfront payments and option exercise fees totaling $37 million.

Editor: Penicillin

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