Overview

• 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.