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, currently in the second of three phases of clinical trials, is designed to treat Alpha-1 Antitrypsin Deficiency (AATD), an inherited rare disease causing progressive deterioration of lung tissue.

Sanofi, which makes most of its revenues from anti-inflammation treatments, last year abandoned 2025 earnings targets to boost research and development (R&D) but CEO Paul Hudson’s unexpected strategy shift prompted a 15% drop in the share price.