Motif Neurotech, a mental health bioelectronics pioneer, secured $18.75 million in a Series A funding round led by Arboretum Ventures. The funding supports Motif’s innovative DOT microstimulator, a minimally-invasive bioelectronic device designed for patients with treatment-resistant depression (TRD). The DOT microstimulator offers precise brain circuit stimulation, reducing side effects, and is wirelessly rechargeable. Motif plans to use the funds for clinical development, technology refinement, and expanding production and distribution of the DOT microstimulator to help those suffering from TRD.
Sanofi is acquiring California-based biotech Inhibrx in a deal potentially worth $2.2 billion, the French drugmaker announced on Tuesday.
Under the terms of the acquisition, Sanofi will buy all outstanding shares of Inhibrx for $30 per share in cash, representing an equity value of $1.7 billion on a fully diluted basis. At the same time, Inhibrx shareholders will receive cash payments—which could total $296 million—while Sanofi will be responsible for satisfying Inhibrix’s outstanding third-party debt.
Sanofi said that it has agreed to acquire Inhibrx after the spin-off of non-INBRX-101 assets into a New Inhibrx, leaving the French pharma with INBRX-101. The candidate is a human recombinant protein that allows patients with alpha-1 antitrypsin deficiency (AATD), a rare disease that puts patients at risk for lung, liver, or skin disease, to have a “normalization” of serum AAT levels with fewer dosing. The candidate may also help to reduce inflammation and prevent the deterioration of lung function.
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The New Inhibrx will be capitalized with $200 million of cash at distribution, while Sanofi will retain an 8% stake in the venture whichwill keep all non-INBRX-101 assets—including its immunology pipeline—and maintain all employees. The transaction is expected to close in the second quarter of 2024.
INBRX-101 has completed a Phase I trial, which demonstrated encouraging results according to Sanofi. A Phase II trial is currently enrolling participants.
“The addition of INBRX-101 as a high potential asset to our rare disease portfolio reinforces our strategy to commit to differentiated and potential best-in-class products,” Houman Ashrafian, head of research and development at Sanofi, said in a statement. “With our expertise in rare diseases and growing presence in immune-mediated respiratory conditions, INBRX-101 will complement our approach to deploy R&D efforts in key focus areas and address the needs of the underserved AATD patients and communities.”
Sanofi has been in a deal-making mood since the fourth quarter of last year. In October 2023, the French drugmaker and Teva Pharmaceuticals partnered on a product for treating inflammatory bowel disease in which Sanofi paid $500 million upfront, with up to $1 billion in future milestone payments, to co-develop and co-commercialize Teva’s Phase II anti-TL1A antibody.
However, following an FTC challenge, Sanofi last month dropped a planned licensing agreement with California-based Maze Therapeutics to develop treatments for the rare genetic disorder Pompe disease.
The French pharma is also trying to win over its investors by highlighting a dozen potential blockbusters and charting strong growth for the company through 2030.
Source:Bio Space