Global healthcare company Sanofi has completed its acquisition of Inhibrx, a clinical-stage biotechnology company developing therapeutics for rare diseases.
The acquisition adds SAR447537 to Sanofi’s rare disease therapeutic pipeline.
Offering novel therapeutics for AATD
SAR447537, a human recombinant protein, offers a treatment option for patients with alpha-1 antitrypsin deficiency (AATD), giving them the opportunity to normalise their serum AAT levels with a reduction in the frequency of dosing.
AATD is an inherited rare disease characterised by low levels of AAT protein, predominantly affecting the lungs by causing their progressive deterioration.
SAR447537 may help to reduce inflammation and prevent further lung function decline in affected individuals.
Terms for shareholders
The former holders of shares of Inhibrx common stock voted to approve the acquisition at a special meeting of stockholders on 24 May.
Upon the closing of the acquisition, former shareholders of Inhibrx became entitled to USD $30.00 per share in cash, which represents a total equity value of approximately $1.7bn (on a fully diluted basis), as well as one contingent value right per share to receive $5.00 upon the achievement of a regulatory milestone.
Sanofi completed its acquisition of Inhibrx with the merger of an indirect, wholly owned subsidiary of Sanofi into Inhibrx, and Inhibrx continuing as the surviving corporation and becoming an indirect, wholly owned subsidiary of Sanofi.
Prior to closing, Inhibrx completed the spin-off of Inhibrx Biosciences, a wholly owned subsidiary of Inhibrx, distributing 92% of Inhibrx Biosciences’s shares to holders of shares of Inhibrx common stock as of 17 May 17, 2024.
Inhibrx Biosciences acquired all of the assets of Inhibrx not related to SAR447537, which include INBRX-109 and INBRX-1061, as well as all Inhibrx employees, pursuant to an internal reorganisation.
Inhibrx will still own the remaining 8% of Inhibrix Biosciences following the completion of the transactions. Inhibrx Biosciences began trading on the NASDAQ Global Market on 30 May 30, 2024, under the ticker “INXB” and, switching to “INBX” on 31 May.
From 30 May, Inhibrx common stock ceased to trade on the NASDAQ Global Market and will be deregistered.
