Immunogen, Inc. (IMGN) announced Thursday that biopharmaceutical giant AbbVie (ABBV) has agreed to be acquired in a deal worth $31.26 per share, valuing the company at approximately $10.1 billion. The news sent Immunogen shares soaring over 80% in pre-market trading, reaching over $29 per share.
The acquisition is expected to close in the middle of 2024, subject to regulatory approvals. Once completed, the deal will give AbbVie control of Immunogen’s flagship cancer therapy, Elahere, which is approved for treating platinum-resistant ovarian cancer. Elahere is considered a “first-in-class antibody-drug conjugate (ADC)” and has demonstrated significant efficacy in clinical trials.
AbbVie believes that acquiring Immunogen will strengthen its oncology portfolio and accelerate its growth in the solid tumor space. The company also sees Elahere as a potential blockbuster drug with the potential to generate significant sales in the coming years.
Investors reacted favorably to the news, with Immunogen shares surging over 80% in pre-market trading. The deal is expected to be accretive to AbbVie’s earnings in 2027.
The acquisition of Immunogen by AbbVie is a significant development in the biotechnology industry. The deal will give AbbVie control of a promising cancer therapy and strengthen its oncology portfolio. Immunogen shareholders will also likely benefit from the deal, receiving a significant share premium.
The acquisition is also a sign of the growing importance of ADCs in cancer treatment. ADCs are targeted therapies that combine an antibody with a cytotoxic drug. This allows the drug to be delivered directly to cancer cells, sparing healthy cells from damage. ADCs have shown promise in treating various cancers, and acquiring Immunogen will give AbbVie a strong foothold in this growing market.
The acquisition of Immunogen by AbbVie is a positive development for both companies. AbbVie will gain control of a promising cancer therapy, and Immunogen shareholders will receive a significant premium for their shares. The deal also shows the growing importance of ADCs in cancer treatment.
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