ImmunoGen

History

2023: AbbVie bought ImmunoGen for $10.1 billion

On November 30, 2023, the American biopharmacological company AbbVie announced the conclusion of an agreement on the purchase of cancer drug developer ImmunoGen. The amount of the transaction, which is planned to be carried out at the expense of funds, is approximately $10.1 billion.

Under the terms of the contract, AbbVie will pay $31.26 for each ImmunoGen security, which represents a premium of 94.6% to the share price of the acquired company at the close of trading on November 29, 2023. Boards of directors of both parties approved the merger. The transaction is expected to be completed in mid-2024, subject to approval from ImmunoGen shareholders, obtaining necessary regulatory approvals and meeting other closing conditions.

AbbVie announces agreement to buy cancer drug developer ImmunoGen

Together with ImmunoGen, AbbVie will receive the rights to the drug Elahere (mirvetuximab soravtansin-ginx). It is a first-in-class antibody-drug conjugate (ADC) approved for the treatment of platinum-resistant ovarian cancer (PROC). It is noted that malignant ovarian tumors are the main cause of mortality from gynecological cancer in the United States. Elahere is the first targeted drug to demonstrate a significant improvement in survival when PROC is diagnosed. It is noted that Elahere is an ADC drug targeting folic acid receptor alpha (FRα) with a maitansinoid payload of DM4, a powerful tubulin inhibitor designed to kill target cancer cells.

The acquisition of ImmunoGen will allow AbbVie to diversify its range of oncological drugs, including for the treatment of solid tumors and hematological malignancies. Together, we can change the standard of care for people living with cancer, "says Richard Gonzalez, Chairman and CEO of AbbVie.[1]

Notes