Inhibrx, Inc. (INBX) Tuesday said Aventis Inc., a unit of Sanofi, has agreed to acquire all the assets and liabilities associated with INBRX-101, an augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency (AATD), for up to $2.2 billion.
Alpha-1 antitrypsin deficiency (AATD) is a genetic condition that can cause developing pulmonary disease.
Prior to the closing of the transaction, Inhibrx will form a new publicly traded company, Inhibrx Biosciences, Inc. with its other assets and liabilities including INBRX-105, INBRX-106, INBRX-109.
As per the deal, Sanofi will acquire all outstanding shares of Inhibrx for $30 per share to be paid in cash. Each Inhibrx shareholder will also receive one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash, on reaching a regulatory milestone and one share of New Inhibrx per every four shares of Inhibrx held.
Additionally, Sanofi will pay off Inhibrx's outstanding third party debt and also fund $200 million to new Inhibrx in cash, and will retain an equity interest of 8%.
The company expect the deal to close in the second quarter of 2024.
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