AbbVie has signed a definitive agreement to acquire ImmunoGen, including its flagship cancer therapy ELAHERE (mirvetuximab soravtansine-gynx) in a deal that is expected to speed up the former’s commercial and clinical presence in the solid tumour segment.
ELAHERE is a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC).
The deal will see ImmunoGen’s follow-on pipeline of next-generation ADCs complement the ADC platform and current programmes of AbbVie.
As per the terms of the deal, AbbVie will buy all outstanding shares of ImmunoGen for $31.26 per share in cash, translating to ImmunoGen having a total equity value of approximately $10.1bn.
The boards of directors of the two companies have given their approval for the transaction. Subject to ImmunoGen shareholder approval, regulatory approvals, and other customary closing conditions, the deal will complete in the middle of next year.
AbbVie chairman and CEO Richard A. Gonzalez said: “The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies.
“Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer.”
ImmunoGen’s oncology portfolio is claimed to carry the potential of driving long-term revenue growth for the oncology franchise of AbbVie.
Ovarian cancer is a leading reason for death amongst gynecological cancers in the US.
ELAHERE is claimed to be the first targeted drug to indicate meaningful survival benefit in PROC.
ImmunoGen president and CEO Mark Enyedy said: “With global commercial infrastructure and deep clinical and regulatory expertise, AbbVie is the right company to accelerate geographic and label expansion, and realise the full potential of ELAHERE as the first and only ADC approved in ovarian cancer.
“The addition of ImmunoGen’s pipeline, platform, and expertise to AbbVie’s oncology portfolio is an exciting opportunity for the combined companies to advance innovation in ADCs. This transaction is the culmination of our 40-year commitment to develop and deliver the next-generation of ADCs and more good days for people living with cancer.”
The deal is expected to be accretive to diluted earnings per share beginning in 2027.