04:44 PM EDT, 05/24/2024 (MT Newswires) -- Inhibrx ( INBX ) said Friday it received shareholder approval for the sale of INBRX-101, its augmentation therapy candidate to treat patients with emphysema, a lung disease, to Sanofi ( SNY ) as part of a merger deal.

The sale covers all assets and liabilities primarily related to INBRX-101, which is currently in a registrational trial.

The two companies have signed a definitive agreement for the sale of INBRX-101 and for Sanofi's ( SNY ) acquisition of Inhibrx ( INBX ) for up to $2.2 billion.

The rest of INBRX variants will be spun off into a new publicly traded company called Inhibrx Biosciences. Sanofi ( SNY ) will fund at least $200 million in cash in the new company for an 8% stake.

Upon closing of the transactions, which Inhibrx ( INBX ) expects to announce in the coming days, its common stock will be delisted from the Nasdaq.