Sanofi gets clinical AAT therapy via takeout-and-spinout deal with Inhibrx

In yet another sign that late-stage assets are continuing to drive biotech M&A, Inhibrx’s team has negotiated a creative $2.2 billion deal to hand off its lead rare disease therapy to Sanofi while spinning out a well-capitalized newco centered on three clinical oncology programs.

Sanofi (Euronext:SAN; NASDAQ:SNY) will obtain INBRX-101, a fusion protein in pivotal Phase II testing to treat α-1 antitrypsin (AAT) deficiency. Inhibrx Inc. (NASDAQ:INBX) has forecast that with improvements in diagnosis of the disease, the therapy could deliver $4 billion in peak U.S. revenues...