By Dominic Chopping and Fabiana Negrin OchoaSanofi plans to buy assets from biopharmaceutical company Inhibrx in a deal worth up to $2.2 billion as it looks to diversify its product base and boost its pipeline of rare disease treatments. Before the deal is closed, the rest of California-based Inhibrx's assets and liabilities not associated with INBRX-101 will be spun off into a new publicly traded company. Sanofi will pay Inhibrx stockholders $30 in cash for each share, plus a deferred payment of $5 a share contingent on regulatory milestones. They will also receive one share of the new company for every four Inhibrx common shares held. The deal comes after a flurry of recent acquisitions in the pharmaceutical industry as companies seek to re-stock their pipelines at attractive valuations.

Source: Wall Street Journal January 23, 2024 10:57 UTC