France's Sanofi to buy U.S. drugs project INBRX-101 for about $2.2 billion

French healthcare company Sanofi (SASY.PA), opens new tab has agreed to buy the drug development project INBRX-101 from its parent company Inhibrx Inc (INBX.O), opens new tab for around $2.2 billion in a bid to boost its rare disease business.

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.

Experimental drug INBRX-101,...