Genmab Acquires ProfoundBio for $1.8 Billion to Expand Cancer Treatment Options

The deal enhances Genmab's portfolio with advanced antibody-drug conjugates, marking a significant move in the pharmaceutical industry's focus on targeted cancer therapies.

Genmab, a Danish drugmaker, is set to acquire Seattle-based biotech firm ProfoundBio for $1.8 billion in an all-cash deal.
The acquisition aims to bolster Genmab's oncology portfolio with ProfoundBio's advanced antibody-drug conjugates (ADCs), including a promising treatment for ovarian cancer.
ProfoundBio, with a research and development center in China, specializes in ADCs that target cancer cells while sparing healthy tissue.
The deal, expected to close in the first half of 2024, follows a trend of pharmaceutical companies expanding their cancer treatment portfolios through acquisitions.
ProfoundBio recently raised $112 million from investors, highlighting the biotech's potential and the growing interest in targeted cancer therapies.