AbbVie Acquires ImmunoGen in $10.1 Billion Deal

         

Abbvie announces the acquisition of ImmunoGen for $10.1 billion, adding a promising ovarian cancer drug to its portfolio.

Abbvie’s Acquisition of ImmunoGen

Abbvie has revealed its plans to purchase the drugmaker ImmunoGen for a hefty sum of $10.1 billion. This strategic move aims to enrich Abbvie’s oncology treatments with the addition of a promising ovarian cancer drug.

The Acquisition Deal Details

As part of the acquisition, Abbvie will acquire ImmunoGen’s drug Elahere, which has already been approved for ovarian cancer patients who have undergone prior treatments. Additionally, Elahere is undergoing testing for use in earlier lines of treatment. Abbvie will pay $31.26 per share in cash for ImmunoGen, representing a significant premium of 94.6% to the last closing price. ImmunoGen’s shares have soared this year, notably after the company’s announcement in May regarding Elahere’s positive impact on patients in a late-stage trial.

Significance for AbbVie

Abbvie’s acquisition of ImmunoGen is particularly significant as it aligns with the company’s strategic plans to expand into the competitive and critical cancer drug market. With its flagship product Humira facing intense competition in the U.S. market, Abbvie seeks to bolster its oncology offerings. This acquisition complements Abbvie’s existing blood cancer drug, Imbruvica, which was recently selected for price negotiations by U.S. Medicare insurance plans.

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