Inhibrx Sells INBRX-101 To Sanofi For Up To $2.2B, Spins Off New Company With All Non-101 Assets And Liabilities
Portfolio Pulse from Benzinga Newsdesk
Inhibrx, Inc. has agreed to sell its INBRX-101 assets to Sanofi for up to $2.2 billion. Shareholders of Inhibrx will receive $30 per share in cash, a $5 contingent value right (CVR), and 0.25 shares of a new entity, New Inhibrx, which will hold all non-101 assets and liabilities. Sanofi will also pay off Inhibrx's debt and invest $200 million in New Inhibrx. The deal includes the acquisition of INBRX-101, an AAT augmentation therapy, by Sanofi's subsidiary Aventis Inc.
January 23, 2024 | 6:09 am
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Inhibrx shareholders to receive $30 per share, a $5 CVR, and 0.25 shares in New Inhibrx after the sale of INBRX-101 to Sanofi.
The sale of INBRX-101 to Sanofi for a significant sum, along with the spin-off of New Inhibrx, is likely to be viewed positively by investors. The per-share consideration and additional investment in New Inhibrx suggest a strong short-term upside for INBX shares.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Sanofi acquires INBRX-101 from Inhibrx for up to $2.2 billion, pays off Inhibrx's debt, and capitalizes New Inhibrx with $200 million.
Sanofi's acquisition of INBRX-101 and the additional investment in New Inhibrx could be seen as a strategic move to strengthen its portfolio, which may have a positive short-term impact on SNY's stock price. The deal enhances Sanofi's pipeline and shows commitment to expanding its biotech presence.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80