French pharmaceutical company Sanofi has confirmed its agreement to acquire US biotech firm Inhibrx Inc. for a potential sum of $2.2 billion. This strategic move positions Sanofi to explore innovative therapies, particularly targeting a genetic disorder affecting the lungs and liver.
The acquisition marks Sanofi’s ongoing effort to enhance its portfolio of innovative medicines and reduce dependency on the blockbuster asthma drug Dupixent. Inhibrx shareholders are set to receive $30 per share as part of the deal, coupled with the option to receive an additional $5 in cash if the experimental drug achieves a regulatory milestone.
As per the agreement, Inhibrx’s founder and CEO, Mark Lappe, will lead a spinoff encompassing the remaining research and employees, with Sanofi providing capital support, as outlined in the joint statement released by the companies. Sanofi’s CEO, Paul Hudson, has emphasized a new era of cutting-edge research and development at the company, aligning with strategies employed by industry counterparts like Novartis AG and Roche Holding AG. Hudson’s vision includes a significant increase in Sanofi’s drug-development spending in the coming years, necessitating the abandonment of previous profit targets, a move that has stirred both support and opposition among shareholders.