Paris: Sanofi and Inhibrx, Inc., a publicly traded clinical-stage biopharmaceutical company, have entered into a definitive agreement under which Sanofi has agreed to acquire Inhibrx following the spin-off of non-INBRX-101 assets into New Inhibrx. New Inhibrx will be capitalized with $200 million of cash at distribution;Sanofi will retain an 8% equity stake in New Inhibrx. It will be led by Mark P. Lappe, Founder and CEO of Inhibrx, as Chairman and CEO of New Inhibrx, and will continue to operate under the Inhibrx name. The transaction was unanimously approved by both the Sanofi and Inhibrx Boards of Directors. Sanofi’s acquisition of Inhibrx is subject to the completion of the New Inhibrx spin-off transaction and other customary closing conditions, including receipt of regulatory approvals and approval by Inhibrx’s shareholders.