Sanofi completes Inhibrx acquisition for $1.7B
Decision brief
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Sanofi agreed to buy all outstanding Inhibrx shares for $30.00 in cash, valuing the company at about $1.7 billion. The merger closed on May 30, 2024, making Inhibrx an indirect wholly owned Sanofi subsidiary.
Sanofi completed the Sanofi Inhibrx acquisition on May 30, 2024, paying about $1.7 billion in equity value for Inhibrx and bringing SAR447537 (formerly INBRX-101) into its rare-disease pipeline. Shareholders also received contingent value rights and spin-out shares in Inhibrx Biosciences for non-101 programs.
Contents10 sections
Key Takeaways
- Closing date: May 30, 2024; stockholder approval: May 24, 2024.
- Cash consideration: $30.00 per Inhibrx share; equity value about $1.7 billion fully diluted.
- Each share also carried a $5.00 CVR tied to a regulatory milestone.
- Key asset: SAR447537 / INBRX-101 for alpha-1 antitrypsin deficiency (AATD).
When did the Sanofi Inhibrx acquisition close?
Paris-based Sanofi announced completion on May 30, 2024. Inhibrx common stockholders had approved the deal at a special meeting six days earlier. Sanofi closed the transaction through a merger of an indirect wholly owned subsidiary into Inhibrx, leaving Inhibrx as the surviving corporation and an indirect Sanofi subsidiary.
Primary confirmation is Sanofi’s closing release on GlobeNewswire and the matching exhibit filed with the U.S. Securities and Exchange Commission.
How is the $1.7 billion deal structured?
At closing, former Inhibrx shareholders became entitled to $30.00 per share in cash, which Sanofi described as roughly $1.7 billion of equity value on a fully diluted basis. They also received one contingent value right per share for a $5.00 cash payment if a specified regulatory milestone is achieved.
The January 2024 announcement framed a broader package: cash, the CVR, and shares in a spun-out company retaining non-101 assets. Combined with debt assumption, Inhibrx previously cited an aggregate transaction value of up to about $2.2 billion in its PR Newswire announcement.
What pipeline asset moved to Sanofi?
The strategic centerpiece is SAR447537, formerly INBRX-101, an optimized recombinant alpha-1 antitrypsin (AAT) augmentation therapy. Sanofi positioned the molecule as a rare-disease addition intended to build on existing inflammation and specialty capabilities. At announcement, INBRX-101 was described as being in a registrational trial for patients with alpha-1 antitrypsin deficiency.
- Indication focus: AATD, a genetic condition that can drive lung and liver disease
- Modality: recombinant AAT augmentation therapy
- Post-close code: SAR447537 inside Sanofi’s pipeline nomenclature
Spin-out of non-101 assets
Immediately before closing, non-101 assets and liabilities—including programs such as INBRX-105, INBRX-106, and INBRX-109—were spun into publicly traded Inhibrx Biosciences. Per the January terms, Sanofi was to fund New Inhibrx with $200 million in cash and retain an approximate 8% equity stake, with legacy shareholders owning about 92% of the spin-out.
Strategic context for Sanofi rare disease
Buying a late-stage AATD asset lets Sanofi deepen rare-disease reach without building a recombinant AAT program from scratch. Competitive dynamics in AAT augmentation still depend on clinical differentiation versus plasma-derived products and on whether SAR447537 can clear regulatory hurdles that unlock the $5.00 CVR.
What remains unproven
Completion of the merger is not an FDA approval of INBRX-101/SAR447537. Milestone payment under the CVR is contingent and may never be paid. Aggregate “up to $2.2 billion” figures mix cash, contingent value, and debt concepts and should not be treated as a single guaranteed cash outflow. Pricing and commercial uptake for any future AATD product remain undisclosed.
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Frequently Asked Questions
When did Sanofi complete the Inhibrx acquisition?
Sanofi completed the acquisition on May 30, 2024, after Inhibrx shareholders approved the merger at a special meeting on May 24, 2024.
What consideration did Inhibrx shareholders receive?
Former Inhibrx shareholders received $30.00 per share in cash (about $1.7 billion equity value fully diluted) plus one contingent value right per share for $5.00 upon a regulatory milestone, alongside spin-out equity in Inhibrx Biosciences.
What asset did Sanofi acquire from Inhibrx?
Sanofi added SAR447537 (formerly INBRX-101), an optimized recombinant alpha-1 antitrypsin augmentation therapy in development for alpha-1 antitrypsin deficiency, to its rare-disease pipeline.
Primary Sources
Sanofi pipeline snapshot
One-screen view of active programs, phases, and recent catalysts from public sources.
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