AbbVie to Acquire ImmunoGen in Deal Valued at $10.1 Billion

On Nov. 30, 2023, AbbVie announced a definitive agreement to acquire ImmunoGen, including that company’s flagship cancer therapy ELAHERE (mirvetuximab soravtansine-gynx), an antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC). The deal is valued at approximately $10.1 billion. The acquisition is expected to accelerate AbbVie's commercial and clinical presence in the solid tumor therapeutics market.

Under the transaction, AbbVie will acquire all outstanding shares of ImmunoGen at a price of $31.26 per share in cash, or a total equity value of approximately $10.1 billion. Through the acquisition, AbbVie will also gain ImmunoGen's follow-on pipeline consisting of promising next-generation ADCs. The pipeline further complements AbbVie's ADC platform and existing oncology programs, which have significant potential across multiple solid tumors and hematologic malignancies, according to a company press release.

ImmunoGen's follow-on ADC pipeline includes IMGN-151, a Phase I asset that is a next-generation anti-FRα ADC for ovarian cancer with the potential to expand into other solid tumor indications. Another candidate, pivekimab sunirine, currently in Phase II development, is an anti-CD123 ADC that targets blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare blood cancer. Pivekimab sunirine was granted FDA breakthrough therapy designation for treating relapsed/refractory BPDCN.

The boards of directors of both companies have approved the transaction, which is expected to close in the middle of 2024, subject to ImmunoGen shareholder approval, regulatory approvals, and other customary closing conditions.

"The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies," said Richard A. Gonzalez, chairman and CEO, AbbVie, in the press release. "Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer."

"With global commercial infrastructure and deep clinical and regulatory expertise, AbbVie is the right company to accelerate geographic and label expansion and realize the full potential of ELAHERE as the first and only ADC approved in ovarian cancer," said Mark Enyedy, president and CEO, ImmunoGen, in the release. "The addition of ImmunoGen's pipeline, platform, and expertise to AbbVie's oncology portfolio is an exciting opportunity for the combined companies to advance innovation in ADCs. This transaction is the culmination of our 40-year commitment to develop and deliver the next generation of ADCs and more good days for people living with cancer."

Source: AbbVie