Morgan Stanley | Sanofi has announced the purchase of INBRX-101, the best asset of the biotech company Inhibrx, which is a recombinant alpha-1 augmentation therapy for treating alpha-1 antitrypsin deficiency (AATD), a protein produced in the liver that protects the lungs.
This drug could pose a real threat to Grifols’ alpha 1 franchise (GRF), which currently accounts for 12% of sales and 20-30% of gross profits. In addition, the acquisition by Sanofi brings external validation to the treatment, and increases the potential for commercialisation of the treatment, given Sanofi’s leading position in the blood disorders sector. The implications of the deal could therefore be negative for Grifols and positive for Sanofi, as it is acquiring an asset with unique characteristics and a high probability of success in an established market. In this sense, analysts estimate that INBRX-101 could reach sales of more than €1bn.