Sanofi SA

SAN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€132.00	Ghsvk	Vzlskcdf

Sanofi: Acquisition of Inhibrx Yields Intriguing Rare Disease Drug INBRX-101 at a Reasonable Price

Damien Conover

Jan 23, 2024

Sanofi’s announced acquisition of Inhibrx for just over $2 billion largely nets early-stage Alpha-1 antitrypsin deficiency (AATD) drug INBRX-101 at a reasonable price. We are not making any changes to our fair value estimate based on the deal, as the sales of INBRX-101 hold the potential to offset the costs. The drug helps develop Sanofi’s midstage pipeline, reinforcing the company’s wide moat.

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