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.
