By Colin Kellaher

 

AbbVie has agreed to buy ImmunoGen for about $10.1 billion in a deal that speeds the biopharmaceutical company's entry into the commercial market for ovarian cancer.

AbbVie on Thursday said it will pay $31.26 a share in cash for ImmunoGen, a roughly 95% premium to Wednesday's closing price of $16.06 for the Waltham, Mass., pharmaceutical company.

With the deal, AbbVie will acquire ImmunoGen's flagship cancer therapy Elahere, a first-in-class antibody-drug conjugate, or ADC, approved for platinum-resistant ovarian cancer.

AbbVie, based in North Chicago, Ill., said ImmunoGen's follow-on pipeline of ADCs complements its own ADC platform and its existing programs.

AbbVie said it expects to complete the acquisition in the middle of 2024.

Trading in shares of ImmunoGen was halted premarket on Thursday.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 30, 2023 07:58 ET (12:58 GMT)

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