AbbVie Completes $10.1-Bn Acquisition of ADC Bio/Pharm Company ImmunoGen 

AbbVie has completed its $10.1-billion acquisition of ImmunoGen, a Waltham, Massachusetts-based bio/pharmaceutical company developing antibody drug conjugates (ADCs). The acquisition was announced in November 2023. 

ImmunoGen’s commercial product is Elahere (mirvetuximab soravtansine-gynx), an ADC for treating platinum-resistant ovarian cancer. Elahere is an ADC targeting folate receptor alpha (FRα) with a maytansinoid payload DM4, a tubulin inhibitor designed to kill the targeted cancer cells. Elahere received US Food and Drug Administration (FDA) accelerated approval in 2022 for the treatment of adult patients with FRα positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. Phase III results will support a marketing authorization application to the European Union and a supplemental biologic license application to the FDA in order to gain full approval. Ongoing clinical development programs are underway to expand into earlier lines of therapy and enter other large patient segments of the ovarian market over the next 5-10 years, said AbbVie in a November 30, 2023, press statement, when first announcing the acquisition. 

ImmunoGen’s pipeline includes a Phase I asset, IMGN-151, an anti-FRα ADC for ovarian cancer with the potential for expansion into other solid tumor indications. Pivekimab sunirine, currently in Phase II, is an anti-CD123 ADC targeting blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare blood cancer, which was granted FDA breakthrough therapy designation for treating relapsed/refractory BPDCN.   

Under the agreement, AbbVie acquired all outstanding ImmunoGen common stock for $31.26 per share, for a total approximate value of $10.1 billion. 

Source: AbbVie