AbbVie to acquire ImmunoGen for approximately $10.1bn
Betsy Goodfellow | December 1, 2023 | News story | Sales and Marketing |Â Â AbbVie, Oncology, acquisitionÂ
AbbVie and ImmunoGen have announced that AbbVie will acquire ImmunoGen and its lead cancer therapy Elahere (mirvetuximab soratansine-gynx), a first in class antibody-drug conjugate (ADC) approved for the treatment of platinum-resistance ovarian cancer (PROC).
This acquisition will allow AbbVie to continue to move commercially and clinically into solid tumour treatments, utilising both Elahere and ImmunoGen’s follow-on pipeline of promising next-generation ADCs.
AbbVie is expected to acquire all outstanding shares of ImmunoGen for $31.26 per share, or approximately $10.1bn in total. Both companies’ boards of directors have approved the transaction which is expected to close in 2024, subject to shareholder approval, regulatory approvals and customary closing conditions.
Richard A Gonzalez, chairman and chief executive officer of AbbVie, commented: “The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and haematologic malignancies. Together, AbbVie and ImmunoGen have the potential to transform the standard-of-care for people living with cancer.”
Mark Enyedy, president and chief executive officer of ImmunoGen, added: “With global commercial infrastructure and deep clinical and regulatory expertise, AbbVie is the right company to accelerate geographic and label expansion, and realise the full potential of Elahere as the first and only ADC approved in ovarian cancer. The addition of ImmunoGen’s pipeline, platform and expertise to AbbVie’s oncology portfolio is an exciting opportunity for the combined companies to advance innovation in ADCs. This transaction is the culmination of our 40-year commitment to develop and deliver the next-generation of ADCs and more good days for people living with cancer.”
Betsy Goodfellow
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