AbbVie has expressed strong interest in antibody-drug conjugates (ADCs), a promising class of cancer therapies.
In a recent announcement, AbbVie revealed its intention to acquire ImmunoGen for $10.1 billion, highlighting the growing interest of major pharmaceutical companies in this type of oncology treatments.
The acquisition includes Elahere, a drug approved for patients with ovarian cancer who have received prior treatments and is being tested in earlier treatment lines.
Elahere belongs to the class of drugs known as antibody-drug conjugates (ADCs), which use a monoclonal antibody to precisely target cancer cells, reducing toxicity in other cells.
The selective strategy of ADCs has generated great interest from pharmaceutical companies, with Pfizer being another example, as it is in the process of acquiring Seagen for $43 billion to access pioneering treatments in this category.
In terms of the transaction, AbbVie will pay $31.26 per share in cash, representing a 94.6% premium over ImmunoGen's last closing price.
ImmunoGen shares experienced a 90% increase in pre-opening trading, reaching $29.23, after Elahere was announced in May to have helped extend the lives of patients in an advanced-phase trial.
This acquisition reinforces AbbVie's plans to enter the cancer drug market, as its flagship product, Humira, faces intense competition in the United States.
Information from: El Economista.
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