AbbVie Acquires ImmunoGen for $10.1 Billion, Gaining Access to Promising Ovarian Cancer Drug
The deal, expected to close in mid-2024, comes as AbbVie's top-selling drug Humira faces competition from lower-priced generics.
- Pharmaceutical giant AbbVie is acquiring biotech firm ImmunoGen for $10.1 billion, nearly doubling ImmunoGen's share price.
- The deal gives AbbVie access to ImmunoGen's ovarian cancer drug Elahere, a potential blockbuster treatment projected to generate billions in sales over the coming decade.
- Elahere is an antibody-drug conjugate (ADC), a new class of treatments that precisely target cancer cells, potentially reducing toxicity for other cells.
- The acquisition comes as AbbVie's top-selling drug Humira faces competition from lower-priced generic versions.
- The deal is expected to close in mid-2024.
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