AbbVie To Acquire ADC Bio/Pharm Company ImmunoGen for $10.1 Bn
AbbVie has agreed to acquire ImmunoGen, a Waltham, Massachusetts-based bio/pharmaceutical company developing antibody drug conjugates (ADCs), for approximately $10.1 billion.
ImmunoGen’s commercial product is Elahere (mirvetuximab soravtansine-gynx), an ADC for treating platinum-resistant ovarian cancer. The acquisition accelerates AbbVie’s commercial and clinical presence in the solid tumor space. Additionally, ImmunoGen’s follow-on pipeline of ADCs further complements AbbVie’s ADC platform and existing programs.
Under the terms of the transaction, AbbVie will acquire all outstanding shares of ImmunoGen for $31.26 per share in cash. The transaction values ImmunoGen at a total equity value of approximately $10.1 billion. The Boards of Directors of both companies have approved the transaction. This transaction is expected to close in the middle of 2024, subject to ImmunoGen shareholder approval, regulatory approvals, and other customary closing conditions.
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 Unio 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.
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.