Saturday, April 20, 2024

AbbVie Acquires ImmunoGen to Diversify Antibody-Drug Conjugates Pipeline

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AbbVie has agreed to acquire ImmunoGen, a move that will add the latter’s next-generation antibody-drug conjugates (ADCs) to AbbVie’s ADC platform and current programs. This acquisition is aimed at diversifying AbbVie’s oncology pipeline across solid tumors and hematologic malignancies. The agreed terms involve AbbVie purchasing all outstanding shares of ImmunoGen for $31.26 per share in cash. This means that ImmunoGen will have a total equity value of almost $10.1 billion. Both companies’ boards of directors have approved the transaction, which is expected to be completed by the middle of next year.

AbbVie’s Acquisition of ImmunoGen Paves the Way for Advancements in Cancer Care

ImmunoGen’s oncology portfolio, which includes the first-in-class ADC ELAHERE approved for platinum-resistant ovarian cancer, is anticipated to drive long-term revenue growth for AbbVie’s oncology franchise. ELAHERE is recognized as the first targeted drug to show a meaningful survival benefit in platinum-resistant ovarian cancer.

Richard A. Gonzalez, AbbVie’s chairman and CEO, has expressed that the acquisition demonstrates the company’s commitment to its long-term growth strategy. It is believed that the collaboration of AbbVie and ImmunoGen could potentially transform the standard of care for people living with cancer.

Antibody-Drug Conjugates

Accelerating ELAHERE Expansion and Antibody-Drug Conjugates Innovation

Mark Enyedy, ImmunoGen’s president and CEO, has also expressed that AbbVie’s global commercial infrastructure and deep clinical and regulatory expertise make it the right company to accelerate the expansion of ELAHERE. He also believes that the acquisition will advance innovation in ADCs. The deal is anticipated to contribute to diluted earnings per share starting in 2027. Ovarian cancer, which ELAHERE targets, is a leading cause of death among gynecological cancers in the US. This highlights the potential impact of the acquisition on addressing a critical health issue.

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