North Chicago-based AbbVie will buy ImmunoGen for $10.1 billion in cash, as the drugmaker announced the decision to acquire a maker of promising “guided missile” cancer therapies.ImmunoGen’s Elahere belongs to a new class of treatments called antibody-drug conjugates (ADC) that precisely target cancer cells, potentially reducing toxicity for other cells.
Under the agreement, AbbVie will pay $31.26 per share in cash for Immunogen, a nearly 100 percent premium to the company’s recent trading price. The deal centers around Elahere, an Immunogen product that won Food and Drug Administration approval for advanced ovarian cancer in 2022.
Elahere brought in $105.2 million in revenue in this year’s third quarter, or nearly all of ImmunoGen’s total sales. AbbVie said the acquisition will speed up its entry into the market for treating solid tumors.