Sanofi buys AATD drugmaker Inhibrx for $1.7B

Sanofi has agreed to acquire the biologics maker Inhibrx in a deal that values the California firm at $1.7 billion. The heart of the purchase is a protein drug, in Phase 2 trials, designed to treat α1-antitrypsin deficiency (AATD), a genetic disorder that leads to lung and liver diseases similar to cirrhosis and chronic obstructive pulmonary disease. Before the Sanofi acquisition closes, Inhibrx will spin off its other drug assets, which target various cancers, into a company to be called New Inhibrx. That firm will have $200 million in cash once the acquisition is complete.