Biopharma M&A streak continues with Sanofi deal

• Johnson & Johnson, AstraZeneca and Bristol Myers Squibb have all announced multibillion-dollar deals in recent weeks.

Driving the news: Sanofi is focusing on Inhibrx's INBRX-101, an experimental drug that treats a rare inherited disease called alpha-1 antitrypsin deficiency that primarily affects the lungs.

• The move is part of the French drugmaker's broader push to move away from over-the-counter products and to focus on novel treatments.
• Sanofi will spin out Inhibrx's non-INBRX-101 assets — including three experimental cancer drugs — into a new publicly traded company and retain an 8% equity stake.

The big picture: It's the sixth proposed drugmaker buyout already this year, per a BioPharma Dive tracker, and comes after industry deal values rose more than 35% last year, according to data from the London Stock Exchange Group.

• Analysts expect continued interest in small and medium-sized capitalization biotechs with drugs in late-stage trials.