AbbVie finalizes ImmunoGen acquisition

Feb. 13, 2024

AbbVie has completed its acquisition of ImmunoGen, integrating the Massachusetts-based ADC specialist's flagship cancer therapy, Elahere, into its portfolio.

Elahere was granted accelerated approval in November 2022 for FRα-positive ovarian, fallopian tube or primary peritoneal cancer, making it the first FDA-approved ADC for this specific indication. The drug offers a targeted treatment approach for ovarian cancer patients who are resistant to platinum-based therapy by combining a folate receptor alpha-binding antibody with a tubulin inhibitor. 

The acquisition of ImmunoGen was initially announced back in November. Under the terms of the deal, AbbVie acquired all outstanding shares of ImmunoGen for $31.26 per share in cash, valuing ImmunoGen at approximately $10.1 billion.

The deal also gives AbbVie access to ImmunoGen's follow-on pipeline of promising next-generation ADCs, offering potentially transformative programs across multiple different solid tumors and hematologic malignancies.

Deals in the ADC space are on the rise, with the most notable being Pfizer's $43 billion acquisition of Seagen — also the largest biopharma deal of 2023. More recently, food and health care company Orion Holdings acquired a majority stake in South Korea-based ADC specialist, LegoChem Bio, investing $411 million. JJust prior to that, J&J acquired San Diego-based Ambrx Biopharma in a deal valued at approximately $2 billion.