ARECOR ANNOUNCES UPDATE ON INBRX-101

Arecor Therapeutics plc
(“Arecor” or the “Company”)

ARECOR ANNOUNCES UPDATE ON INBRX-101

- Sanofi to acquire Inhibrx’s AATD therapy INBRX-101, which incorporates a novel formulation developed under a license agreement using Arecor’s Arestat™ technology, for up to $2.2 billion
- Terms of Arecor’s license agreement are unchanged. Arecor remains entitled to further payments on achievement of certain development, regulatory and commercial milestones along with annual Technology Access Fees post commercialisation

Cambridge, UK, 23 January 2024: Arecor Therapeutics plc (AIM: AREC), the biopharmaceutical group advancing today’s therapies to enable healthier lives, notes the news announced today from Inhibrx, Inc. (Nasdaq: INBX) and Sanofi (Nasdaq: SNY) that the companies have entered into a definitive agreement under which Sanofi will acquire all the assets and liabilities associated with INBRX-101, an optimized, recombinant alpha-1 antitrypsin ("AAT") augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency ("AATD").

INBRX-101 incorporates a novel enhanced formulation developed by Arecor, using the Company's patented technology, Arestat™, under a license agreement entered into by Arecor and Inhibrx in December 2020. In November 2023, Arecor announced that, under the terms of its license agreement, a milestone payment from Inhibrx had been triggered. The terms of the license agreement remain unchanged and, following the acquisition, Arecor remains entitled to further payments on the achievement of certain development, regulatory and commercial milestones along with annual Technology Access Fees post commercialisation. The FDA has granted orphan-drug designation to INBRX-101 for the treatment of AATD and an initial read-out from the ongoing registration-enabling trial is expected to occur in late 2024.

Sarah Howell, Chief Executive Officer of Arecor, said: "Following on from the recent commercialisation of AT220, which is now royalty-bearing for Arecor, the acquisition of Inhibrx for INBRX-101 by Sanofi, announced today, is a further endorsement of the Arestat™ platform. Sanofi is a global pharmaceutical leader with a 30-year heritage in rare diseases and this acquisition highlights both the value of this novel therapy for patients and its future commercial potential. We believe they are well placed to complete the late-stage development of this novel medicine and, ultimately, bring it to patients in need. We congratulate the Inhibrx team and look forward to working with Inhibrx and Sanofi, as well as updating the market on future developments from this programme.”

INBRX-101 is an optimized recombinant human AAT-Fc fusion protein, for treatment of patients with emphysema due to AATD. AATD is an underdiagnosed inherited orphan genetic disease that can cause serious lung disease in adults and/or liver disease at any age, affecting an estimated 100,000 patients in the United States. INBRX-101 has the potential to significantly reduce the frequency of annual infusions, eliminate lung decline from Alpha-1 Disease, and could significantly improve patient quality of life compared to the current standard of care.