ImmunoGen, Inc.
November 30, 2023 at 3:34 pm - by Joey Ramson
Cancer drug maker $IMGN is up over 80% today after it was announced that AbbVie agreed to buy ImmunoGen for $10.1 billion. That will pay $31.26 per share, a roughly 95% premium to where the price closed yesterday. The main reason for AbbVie going through with the deal, is for the drug Elahere, which us used for the treatment of ovarian cancer. AbbVie says the drug could eventually reap billions of dollars in annual sales and drive long-term revenue growth, But that in the near term, it expects the deal to be dilutive to its earnings until 2027.
