Genmab to acquire ProfoundBio in $1.8B deal

April 3, 2024

Danish biotech Genmab announced its plans to acquire ProfoundBio, a firm specializing in the development of antibody-drug conjugates (ADCs) for cancer treatment, in a deal valued at $1.8 billion.

This deal grants Genmab access to three clinical-stage drug candidates, including rinatabart sesutecan (Rina-S), and ProfoundBio’s ADC technology platforms. 

Rina-S, currently in phase 2 clinical trials, targets the folate receptor alpha for the treatment of ovarian cancer and other solid tumors. The ADC, which received FDA Fast Track designation earlier this year, combines a FRα-directed antibody with a potent topoisomerase-1 inhibitor, sesutecan, using a hydrophilic linker for improved delivery and efficacy against FRα-expressing cancers.

The acquisition is structured as an all-cash transaction, with Genmab paying the sum upon closing, adjusted for ProfoundBio’s net debt and transaction expenses. Approved unanimously by the boards of directors of both companies, the acquisition is anticipated to close in the first half of 2024, subject to customary closing conditions. 

Last May, the FDA granted accelerated approval to Genmab's bispecific CD20-CD3 T-cell engager, Epkinly, codeveloped with AbbVie for the treatment of relapsed or refractory diffuse large B-cell lymphoma after at least two prior systemic therapies.