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Drugmaker AbbVie to Buy Cancer Biotech ImmunoGen for $10B
North Chicago-based AbbVie, a major biopharmaceutical company, will buy ImmunoGen, a biotechnology firm, for $10.1 billion in cash, as the drugmaker announced the decision to acquire a maker of promising cancer therapies.
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.
ImmunoGen’s Elahere belongs to a new class of treatments called antibody-drug conjugates (ADC) that target cancer cells, potentially reducing toxicity for other cells. Elahere brought in $105.2 million in revenue in this year’s third quarter, the vast majority of nearly all of ImmunoGen’s total sales.
AbbVie said the acquisition will speed up its entry into the market for treating solid tumors. The company has a manufacturing facility situated near its Lake County headquarters, approximately 40 miles north of Chicago.
