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Inhibrx Sells Candidate to Sanofi, Spins off Oncology Pipeline Into Publicly Traded Firm

NEW YORK – Sanofi subsidiary Aventis on Tuesday said it will acquire Inhibrx's candidate, INBRX-101, while the firm's other assets, including three oncology candidates, will be spun out into a new publicly traded company called Inhibrx Biosciences.

Alongside the INBRX-101 deal, the firm's DR5 agonist INBRX-109, PD-L1-targeted treatment INBRX-105, OX40-targeting candidate INBRX-106, Inhibrx's non-101 discovery pipeline, and its corporate infrastructure will spin off into the new company. INBRX-101, the asset Aventis is acquiring, is being developed as a treatment for alpha-1 antitrypsin deficiency, an inherited genetic disorder that affects the lungs and liver.

The newly formed Inhibrx will continue to be led by its existing management team.

INBRX-109 is the firm's most advanced clinical candidate and is currently being studied in a Phase I trial in advanced or metastatic solid tumors. In 2022, Inhibrx partnered with Genialis to identify a predictive biomarker of response for Inhibrx's INBRX-109.

Under the agreement, Sanofi will acquire all outstanding shares of Inhibrx through a merger and each Inhibrx shareholder will receive: $30.00 per share in cash; one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone; and one SEC-registered, publicly listed share of the newly formed Inhibrx company per every four shares of Inhibrx common stock held. Sanofi will assume and retire Inhibrx's outstanding third-party debt, fund the new company with $200 million in cash, and retain an 8 percent equity interest in the new firm. The deal is worth up to $2.2 billion, according to Inhibrx.

The boards of directors of both Inhibrx and Sanofi have unanimously approved the transaction, which is subject to the completion of the Inhibrx spinoff along with regulatory and shareholder approval. The deal is expected to close in the second quarter.