© Reuters. FILE PHOTO: The logo of French drugmaker Sanofi is seen a the Sanofi Genzyme Polyclonals in Lyon, France, September 30, 2023. REUTERS/Gonzalo Fuentes
PARIS (Reuters) – French healthcare company Sanofi (NASDAQ:) has agreed to buy the drug development project INBRX-101 from its parent company Inhibrx Inc for around $2.2 billion, the companies said on Tuesday.
As part of this deal, Inhibrx shareholders will get $30 per share in cash, one contingent value right (CVR) equal to $5 and 0.25 shares in New Inhibrx, a new publicly traded company.
Following the closing of the deal, New Inhibrx will continue to operate under the “Inhibrx” name and will be led by Mark Lappe as Chairman and CEO.
Sanofi will assume and retire Inhibrx’s outstanding third-party debts and fund New Inhibrx with $200 million in cash. Sanofi will also retain an equity interest in New Inhibrx of 8%.
The global pharmaceuticals sector has seen a wave of takeover deals in recent months.
Last October, Bristol-Myers Squibb (NYSE:) said it will acquire cancer drugmaker Mirati Therapeutics (NASDAQ:) for up to $5.8 billion, while in March 2023 Sanofi bought Provention Bio (NASDAQ:) Inc for $2.9 billion.
