Pharma BD Deal Intelligence

Sanofi SA / Inhibrx Inc.

2024 · Acquisition/Merger · $2.2B · Complete

Sanofi paid up to $2.2B for Inhibrx to acquire INBRX-101, a recombinant AAT-Fc fusion for alpha-1 antitrypsin deficiency. The deal targeted a rare lung disease currently treated only with plasma-derived augmentation—betting a next-generation recombinant approach could capture a $2B+ market.

CALLED IT — OFF BY 9
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The coverage arc

Mar 31, 2004 Wikipedia Neutral

Sanofi acquired Inhibrx for up to $2.2B for AATD treatment.

May 30, 2024 Sanofi Neutral

Sanofi completes acquisition of Inhibrx, Inc. (closed 2024-05-30); non-101 assets spun out into Inhibrx Biosciences, Inc.

Oct 22, 2025 Sanofi Bullish

Sanofi: efdoralprin alfa (SAR447537, formerly INBRX-101) met all primary and key secondary endpoints in the ElevAATe Phase 2 study in AATD emphysema;…

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Sanofi acquired Inhibrx for up to $2.2B for AATD treatment.

Key facts

Disease & market context

Alpha-1 Antitrypsin Deficiency

6K US cases/yr · $2.0B Global AATD Market (2024)

Disease Overview

Alpha-1 antitrypsin deficiency (AATD) is an autosomal co-dominant disorder caused by SERPINA1 variants (most commonly PiZZ) that reduce circulating functional alpha-1 antitrypsin. AATD affects roughly 1 in 1,500 to 3,500 individuals of European ancestry and is substantially underdiagnosed. Clinical manifestations include early-onset panacinar emphysema (often by age 25-50, accelerated by smoking), liver disease ranging from neonatal cholestasis to adult cirrhosis and hepatocellular carcinoma, and rare panniculitis. Standard of care for lung disease is IV plasma-derived AAT augmentation therapy.

Competitive Landscape

Current: weekly IV plasma-derived AAT (Prolastin-C, Aralast, Zemaira). Efdoralprin alfa offers longer dosing interval and potentially superior functional protein levels.

Deal timeline

Related deals — scored

DealYearValueOutcome
Sanofi SA / Inhibrx Inc. (this deal)2024$2.2B70
Sanofi SA / Regeneron Pharmaceuticals, Inc.2007$1.0B97
Sanofi SA / Synthelabo S.A.1998$11.0B84
Sanofi SA / Genzyme Corporation2011$20.1B84
Sanofi SA / Amunix Pharmaceuticals Inc.2021$1.2B76
Sanofi SA / Genzyme Corporation2010$18.5B75
Sanofi SA / Translate Bio Inc.2018$805M73

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