PARIS (Reuters) – Pharmaceutical group Sanofi has agreed to buy drug development project INBRX-101 from its parent company Inhibrx Inc for around $2.2 billion, the two companies announced on Tuesday.
As part of this transaction, Inhibrx shareholders will receive $30 per share in cash (27.50 euros), and a contingent value right equal to $5 and 0.25 shares of New Inhibrx, a new listed company in Sotck exchange.
Following the completion of the transaction, New Inhibrx will continue to operate under the name “Inhibrx” and will be led by Mark Lappe as Chief Executive Officer.
Sanofi will be responsible for Inhibrx’s outstanding debts to third parties and will finance New Inhibrx to the tune of $200 million. Sanofi will also retain an 8% stake in New Inhibrx.
The global pharmaceutical sector has seen a wave of takeovers in recent months.
In December, Bristol-Myers Squibb announced a $14 billion buyout of Karuna Therapeutics, while a source reported earlier this year that Novartis was in advanced discussions to acquire Cytokinetics in a deal that could add the American biopharmaceutical company worth more than $10 billion.
(Report Sudip Kar-Gupta; Nathan Vifflin, edited by Blandine Hénault)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
