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By Ben Glickman Regeneron Pharmaceuticals and Sanofi's Dupilumab received approval from the U.S. Food and Drug Administration for a treatment of an esophagus...
French healthcare company Sanofi 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.
French healthcare company Sanofi has agreed to buy drug development project INBRX-101 from parent company Inhibrx Inc for $2.2 billion. INBRX-101 is an experimental drug in clinical trials for treating Alpha-1 Antitrypsin Deficiency. Sanofi aims to boost its rare disease business with this acquisition. Inhibrx shareholders will receive cash, a contingent value right (CVR), and shares in New Inhibrx. Sanofi will assume third-party debts and fund New Inhibrx, while retaining an 8% equity interest.
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The acquisition is the latest in a string of small- and mid-sized deals as Sanofi looks to double down on innovative medicines and reduce its reliance on the blockbuster asthma medicine Dupixent.
Sanofi: The two companies said in a joint statement on Tuesday that 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 that holds the takeover target's assets that are not related to INBRX-101.
Inhibrx announced an agreement with Sanofi on Tuesday, under which Sanofi subsidiary Aventis will acquire all assets and liabilities associated with INBRX-101, a recombinant alpha-1 antitrypsin (AAT) augmentation therapy currently being trialled for alpha-1 antitrypsin deficiency (AATD) treatment.
European stocks retreated after a positive start Tuesday morning, and then stayed weak for much of the day's session before finally settling in negative territory, as investors were reluctant to make significant moves ahead of the European Central Bank's monetary policy announcement due later in the week.
NewSquare Capital LLC raised its position in shares of Sanofi (NASDAQ:SNY – Free Report) by 3.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 102,974 shares of the company’s stock after purchasing an additional 3,098 shares during the period. NewSquare […]