(Reuters) – AbbVie announced on Thursday its acquisition of ImmunoGen for $10.1 billion, highlighting the growing interest of major pharmaceutical companies in targeted cancer therapies.
With this deal, AbbVie gains access to Elahere, which is approved for ovarian cancer patients who have undergone previous treatments and is also being tested in earlier stages of treatment.
Elahere belongs to a new class of cancer drugs known as antibody drug conjugates (ADC), which consist of a monoclonal antibody that specifically targets cancer cells and reduces toxicity in other cells.
Due to their targeted approach, ADCs have attracted significant interest from drug manufacturers. Pfizer is also in the process of acquiring Seagen in a $43 billion deal, which will provide access to a pioneer in antibody-drug conjugate treatments.
Under the agreement, AbbVie will pay $31.26 per share in cash for ImmunoGen, representing a premium of 94.6% over the last closing price.
Following the announcement of the deal, Immunogen’s shares surged 90% in premarket trading to $29.23.
2023-11-30 07:45:45
Post from finance.yahoo.com
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