AbbVie to Acquire ImmunoGen in $10 Billion Deal
ImmunoGen, Inc. (Nasdaq: IMGN) has agreed to be acquired by AbbVie Inc. (NYSE: ABBV) in an acquisition that will accelerate AbbVie’s entry into the commercial market for ovarian cancer. The agreement includes ownership of ImmunoGen’s flagship cancer therapy ELAHERE® (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate approved for platinum-resistant ovarian cancer (PROC).
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 and is expected to close in mid-2024.
Richard A. Gonzalez, chairman and chief executive officer, AbbVie, 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.”
Mark Enyedy, President and Chief Executive Officer at ImmunoGen., said, “With global commercial infrastructure and deep clinical and regulatory expertise, AbbVie is the right company to accelerate geographic and label expansion, and realize the full potential of ELAHERE as the first and only ADC approved in ovarian cancer. 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.”
Highlights
ImmunoGen’s oncology portfolio has the potential to help drive long-term revenue growth for AbbVie’s oncology franchise. Ovarian cancer is the leading cause of death from gynecological cancers in the U.S. and ELAHERE is the first targeted medicine to show meaningful survival benefit in PROC.
ELAHERE received U.S. 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.
Positive Phase 3 results from the company’s MIRASOL confirmatory trial will support a Marketing Authorization Application to the European Union and a supplemental Biologic License Application (sBLA) submission to the U.S. FDA in order to gain full approval.
About AbbVie
AbbVie’s mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter), and YouTube.
About ImmunoGen
ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to TARGET A BETTER NOW™.
