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Sanofi Announces Cash-Funded Acquisition Valued At Up To $2.2bn, Bonds Muted

HEALTH CARE SECTOR
  • Sanofi is acquiring INBRX-101, an optimized, recombinant alpha-1 antitrypsin (AAT) augmentation therapy that has completed Phase 1 trials, from Inhibrx, in a deal valued up to $2.2bn that includes paying off Inhibrx debt.
  • Inhibrx shareholders to receive $30 per share in cash, a $5 contingent value right, and 0.25 shares in New Inhibrx for every share of Inhibrx, a spin-off company (funded with Sanofi cash).
  • Deal includes the spinning off of Inhibrx's non-101 assets and liabilities into New Inhibrx, which retains INBRX-105, INBRX-106, INBRX-109, and a non-101 discovery pipeline.
  • New Inhibrx to be capitalized with $200mn in cash, retaining 92% ownership by Inhibrx shareholders and an 8% equity interest by Sanofi.
  • Deal closure expected in Q224, subject to regulatory approvals and Inhibrx shareholder approval.
  • Sanofi bonds look cheaper but relatively muted in early trading – their shortest bond maturing in April is +8bps vs. swaps but all other EUR bonds have moves less than 1bp.
  • Equity is yet to stream though we note strong performance in recent weeks, retracing close to half of the ~20% plummet in October after it abandoned 2025 earnings targets, instead aiming to list its consumer healthcare business and refocus on its core innovative drugs business.
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