Inhibrx’s cancer drug could become an $8B prize

Big pharma just showed up with a shopping list

Inhibrx Biosciences is suddenly looking like the hottest table at the biotech buffet. Reuters says multiple large drugmakers are kicking the tires on INBRX-106, Inhibrx’s experimental cancer therapy, with the asset potentially valued at more than $8 billion. That’s not pocket change — that’s “call your banker and add an extra zero” money.

Why this matters to your portfolio

The catch, of course, is that this whole thing still hinges on clinical data. INBRX-106 is being tested both on its own and in combination with Merck’s Keytruda, and the company says interim randomized Phase 2/3 data in head and neck squamous cell carcinoma is expected in Q2 2026, with progression-free survival data due in Q4. Translation: the deal story is real, but the science still gets the final vote.

The plot thickens

Reuters also said Inhibrx is weighing a structure similar to its 2024 Sanofi deal, where Sanofi bought INBRX-101 for cash plus a contingent value right tied to regulatory milestones. That’s biotech’s favorite magic trick: sell the dream now, let future trial results decide how much more gets paid later.

Not just Merck in the room

Merck may have a strategic angle here as it braces for Keytruda’s patent expiry in 2028, but it’s not the only name sniffing around. The list of possible suitors reportedly includes Merck KGaA, Ono, Eli Lilly, AstraZeneca, Pfizer, and Johnson & Johnson — which is basically a who’s who of companies that would love another cancer asset in the tank.

Big picture: Inhibrx stock ripped on the news because biotech investors love two things: a promising cancer drug and the possibility that a giant pharma company will overpay for it.