Inhibrx (NASDAQ:INBX), a leading clinical-stage biopharmaceutical company, has unveiled significant developments, including its financial performance for the fiscal year ended December 31, 2023.
A pivotal move in the company's trajectory involves the definitive agreement with Aventis, a subsidiary of Sanofi, for the sale of INBRX-101.
This transaction will lead to the establishment of a new publicly traded entity, Inhibrx Biosciences.
Under the terms of the agreement, Sanofi will acquire all outstanding shares of Inhibrx, providing shareholders with $30 per share in cash, a contingent value right for a future payment, and a share of the new entity for every four shares of Inhibrx common stock held.
Additionally, Sanofi will assume Inhibrx's outstanding debt and infuse the new company with $200 million.
Financially, Inhibrx reported a decrease in cash and cash equivalents from $337.3 million to $277.9 million.
Research and development expenses surged to $82.1 million in the fourth quarter from $30.5 million in the same period the previous year.
General and administrative expenses also rose to $7.8 million in the fourth quarter of 2023, up from $5.3 million in 2022.
Meanwhile, the net loss for Q4 2023 widened to $93.6 million, or $1.73 per share, compared to $40.9 million, or $0.95 per share, in Q4 2022.