PARIS, Jan 23 Reuters French healthcare company Sanofi has agreed to buy the drug development project INBRX101 from its parent company Inhibrx Inc for around 2.2 billion, the companies said on Tuesday.

As part of this deal, Inhibrx shareholders will get 30 per share in cash, one contingent value right CVR equal to 5 and 0.25 shares in New Inhibrx, a new publicly traded company.

Following the closing of the deal, New Inhibrx will continue to operate under the Inhibrx name and will be led by Mark Lappe as Chairman and CEO.

Sanofi will assume and retire Inhibrx39;s outstanding thirdparty debts and fund New Inhibrx with 200 million in cash. Sanofi will also retain an equity interest in New Inhibrx of 8.

The global pharmaceuticals sector has seen a wave of takeover deals in recent months.

Last October, BristolMyers Squibb said it will acquire cancer drugmaker Mirati Therapeutics for up to 5.8 billion, while in March 2023 Sanofi bought Provention Bio Inc for 2.9 billion.

Reporting by Sudip KarGupta; editing by Christian Schmollinger

Source Reuters