Sanofi finalizes acquisition of Inhibrx,

Sanofi completes acquisition of Inhibrx, Inc.

Paris, May 30, 2024 Sanofi today announced the completion of its acquisition of Inhibrx, Inc. (“Inhibrx”). The acquisition adds SAR447537 (formerly INBRX-101) to Sanofi’s rare disease portfolio, underscoring the company’s commitment to developing differentiated and potentially best-in-class medicines that build on our existing strengths and capabilities.

SAR447537 is a human recombinant protein that may enable patients with alpha-1-antitrypsin deficiency (AATD) to achieve normalization of serum AAT levels with less frequent dosing (monthly or weekly). AATD is an inherited, rare disease characterized by low levels of the AAT protein, mainly affecting the lungs and progressive tissue degradation. SAR447537 may help reduce inflammation and prevent further decline in lung function in affected people.

Former holders of Inhibrx common stock voted to approve the acquisition at a special meeting of stockholders on May 24, 2024. Upon consummation of the acquisition, former Inhibrx stockholders became entitled to receive $30.00 per share in cash, representing a total equity value of approximately $1.7 billion dollars (on a fully diluted basis), and one contingent value per share entitlement to receive $5.00 upon reaching a regulatory milestone.

Sanofi completed the acquisition of Inhibrx through the merger of an indirect wholly owned subsidiary of Sanofi with Inhibrx and into Inhibrx, with Inhibrx continuing as a remaining corporation and becoming an indirect wholly owned subsidiary of Sanofi.

Prior to finalizing the acquisition, Inhibrx completed the spin-off of Inhibrx Biosciences, Inc. (“Inhibrx Biosciences”), distributing 92% of the shares of Inhibrx Biosciences to holders of Inhibrx common stock as of May 17, 2024. Inhibrx Biosciences, which was a wholly owned subsidiary of Inhibrx prior to the distribution, acquired all of Inhibrx’s assets unrelated to SAR447537, which include INBRX-109 and INBRX-106¹, as well as all Inhibrx employees, in connection with the internal reorganization. Following the completion of the transaction, Inhibrx continues to own the remaining 8% of Inhibrix Biosciences. Inhibrx Biosciences began trading on the NASDAQ Global Market on May 30, 2024 under the ticker “INXB” and will be listed under the ticker “INBX” from May 31, 2024.

Effective May 30, 2024, Inhibrx common stock will cease to be traded on the NASDAQ Global Market and will thereafter be deregistered.

Lazard served as Sanofi’s exclusive financial advisor and Weil, Gotshal & Manges LLP served as its legal advisor. Centerview Partners LLC acted as exclusive financial advisor to Inhibrx, and Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal advisor.

About Sanofi
We are an innovative global healthcare company with a single purpose: we pursue the wonders of science to improve people’s lives. Our team around the world strives to transform the practice of medicine, working to turn the impossible into the possible. We provide potentially life-changing treatment options and life-saving vaccine protection to millions of people around the world, while putting sustainability and social responsibility at the heart of our ambitions.
Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY

Media relations
Sandrine Guendoul | + 33 6 25 09 14 25 | [email protected]
Evan Berland | +1 215 432 0234 | [email protected]
Victor Rouault | + 33 6 70 93 71 40 | [email protected]
Timothy Gilbert | + 1 516 521 2929 | [email protected]

Investor Relations
Thomas Kudsk Larsen |+ 44 7545 513 693 | [email protected]
Alizé Kaisserian | + 33 6 47 04 12 11 | [email protected]
Arnaud Delépine | + 33 6 73 69 36 93 | [email protected]
Korentyna Driancourt | + 33 6 40 56 92 21 | [email protected]
Feliks Lauscher | + 1 908 612 7239 | [email protected]
Tarik Elgoutni| + 1 617 710 3587 | [email protected]
Natalie Pham | + 33 7 85 93 30 17 | [email protected]

Sanofi Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include forecasts and estimates and the assumptions underlying them, statements regarding plans, objectives, intentions and expectations with respect to future financial performance, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans” and similar expressions. Although Sanofi’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to a variety of risks and uncertainties, many of which are difficult to predict and are generally beyond one’s control. Sanofi, which could cause actual results and developments to differ materially from those expressed, implied or anticipated in the forward-looking information and statements. These risks and uncertainties include, but are not limited to, the uncertainties inherent in research and development, future clinical data and analyses, including post-marketing, decisions by regulatory authorities such as the FDA or EMA regarding whether and when to approve any drug, device or biological products that may be submitted for such product candidates, as well as their labeling decisions and other matters that may affect the availability or commercial potential of such product candidates, the fact that the product candidates, if approved, may not commercial success, future approval and commercial success of therapeutic alternatives, Sanofi’s ability to pursue external development opportunities, complete related transactions and/or obtain regulatory approvals, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such proceedings, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives and resulting developments, and the impact that pandemics or other global crises may have on us, our customers, suppliers, suppliers and others business partners, as well as the financial condition of any of them, as well as our employees and the entire global economy. Risks and uncertainties also include those discussed or identified in Sanofi’s public filings with the SEC and AMF, including those set forth in “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in Sanofi’s Annual Report on Form 20-F for the year ended December 31, 2023. Except as required by applicable law, Sanofi undertakes no obligation to update or revise any forward-looking information or statements.