Major Pharma Companies Compete for $8+ Billion Inhibrx Cancer Drug That Could Enhance Keytruda

Inhibrx Biosciences查看公司主页 has emerged as a major acquisition target, drawing interest from pharmaceutical giants including Merck & Co (搜索)搜索该词条, Germany's Merck KGaA, and Japan's Ono Pharmaceutical for its experimental cancer treatment INBRX-106查看药品详情, which could be valued at more than $8 billion, according to sources familiar with the matter.

The San Diego-based biotech is exploring a joint spin-off of INBRX-106查看药品详情 and a second experimental cancer treatment, ozekibart查看药品详情, which could have a combined value of more than $9 billion if clinical trials succeed. Interest is particularly concentrated on INBRX-106, which is being tested both as a standalone therapy and in combination with Merck's blockbuster immunotherapy Keytruda查看药品详情.

Promising Combination Data with Keytruda

INBRX-106查看药品详情 has demonstrated significant potential to enhance the efficacy of Keytruda查看药品详情, the world's top-selling prescription medicine with more than $30 billion in annual sales. Keytruda accounted for almost half of Merck's global sales in 2025 and is approved to treat a wide variety of cancers.

Preliminary results from more than half of the 60 recruited patients in Phase 2/3 combination trials with Keytruda查看药品详情 support the potential to improve patient overall response rates to 45%, compared to 30% with Keytruda alone, according to sources. The drug functions as an antibody that boosts immune response by activating a receptor on T cells, a key component of the immune system.

Clinical trials are being conducted in patients with advanced head and neck cancers, which have limited treatment options. The company is planning to disclose interim results next month, sources indicated.

"We think INBRX-106查看药品详情 is highly investable through targeting the narrow Keytruda查看药品详情-responder base to enhance this $32 billion drug's cure-like efficacy," Stifel biotech analyst Dara Azar said in a recent client note. Stifel initiated coverage of the largely unknown biotech this month with a "buy" rating and a $150 price target, while Inhibrx shares closed at $84.08 on Tuesday.

Second Asset Shows Promise in Rare Cancers

Inhibrx is also developing ozekibart查看药品详情, which received fast track and orphan drug designations from the U.S. Food and Drug Administration on Wednesday. The therapy has shown positive results in Phase 1/2 trials for Ewing sarcoma and colorectal cancer and could be valued at about $1 billion, according to sources.

Ozekibart查看药品详情 is designed to promote cancer cell death. In one Ewing sarcoma study, patients saw tumors shrink by about 52%, the company has reported. Sources expect the company to disclose that it has filed for FDA approval of ozekibart.

Strategic Interest from Multiple Buyers

INBRX-106查看药品详情 would be of particular strategic interest to Merck, which is looking for new revenue sources as Keytruda查看药品详情 faces the loss of patent protections in 2028. However, that strategic fit does not give Merck an advantage as a potential buyer, sources noted.

The drug could equally attract attention from other top-tier drugmakers looking to bolster their immuno-oncology offerings, including Eli Lilly查看公司主页, AstraZeneca查看公司主页, Pfizer查看公司主页, and Johnson & Johnson查看公司主页, according to sources.

Talks are in early stages and any deal would likely be several months away, with valuation hinging on upcoming trial results. The drug is unlikely to reach the market before Merck begins facing competition from less expensive biosimilar versions of Keytruda查看药品详情.

Inhibrx is considering a spinout structure similar to its 2024 deal with Sanofi查看公司主页, sources said. In that transaction, Sanofi acquired INBRX-101查看药品详情 for $30 per share in cash, plus a $5 contingent value right tied to regulatory milestones.