AbbVie to Acquire Antibody-drug Conjugate Specialist ImmunoGen

AbbVie is set to acquire ImmunoGen in a $10.1B deal which encompasses ImmunoGen’s first-in-class antibody-drug conjugate (ADC) cancer treatment ELAHERE^® (mirvetuximab soravtansine-gynx), thereby broadening its portfolio in the realm of solid tumor therapies.

AbbVie Inc. (NYSE: ABBV) and ImmunoGen, Inc. (NASDAQ: IMGN) have officially revealed a definitive agreement that paves the way for AbbVie to acquire ImmunoGen, a move set to enhance its position in the solid tumor therapy landscape. The acquisition includes ImmunoGen’s flagship cancer treatment, ELAHERE^® (mirvetuximab soravtansine-gynx), recognised as a pioneering antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC).

AbbVie Solidifying its Position as a Key Player in Solid Tumor Therapies

This strategic acquisition is poised to expedite AbbVie’s footprint in both commercial and clinical spheres within the solid tumor domain. ImmunoGen’s existing pipeline, featuring promising next-generation ADCs, seamlessly aligns with AbbVie’s ADC platform and ongoing programs.

According to the terms outlined in the agreement, AbbVie will procure all outstanding shares of ImmunoGen at a cash price of $31.26 per share. This transaction places a total equity value on ImmunoGen of approximately $10.1 billion. The boards of directors of both AbbVie and ImmunoGen have given their stamp of approval to the deal.

The anticipated timeline for the completion of the acquisition is set for mid-2024, contingent upon ImmunoGen shareholder approval, regulatory clearances, and adherence to customary closing conditions. This strategic move signifies a pivotal step forward for AbbVie, solidifying its position as a key player in the competitive landscape of solid tumor therapies.

Richard A. Gonzalez, chairman and chief executive officer, AbbVie stated:

“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. Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer.”

Mark Enyedy, president and chief executive officer, ImmunoGen added:

“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. 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.”

About the first-in-class ADC Designed to Eliminate Targeted Cancer Cells

ELAHERE^® is a first-in-class ADC targeting folate receptor alpha (FRα) with a maytansinoid payload DM4, a potent tubulin inhibitor designed to kill the targeted cancer cells. ELAHERE received U.S. FDA accelerated approval in 2022 for the treatment of adult patients with FRα positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. The positive Phase 3 results from the MIRASOL confirmatory trial will support a Marketing Authorisation Application (MAA) to the EU and a supplemental Biologic License Application (sBLA) submission to the FDA in order to gain full approval. Ongoing clinical development programs are underway to expand into earlier lines of therapy and enter other large patient segments of the ovarian market over the next 5-10 years.

ImmunoGen’s follow-on pipeline of promising next-generation ADCs expands AbbVie’s growing oncology pipeline of potentially transformative programs across multiple different solid tumors and hematologic malignancies. ImmunoGen’s Phase 1 asset, IMGN-151, is a next-generation anti-FRα ADC for ovarian cancer with the potential for expansion into other solid tumor indications. Pivekimab sunirine, currently in Phase 2, is an anti-CD123 ADC targeting blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare blood cancer, which was granted FDA breakthrough therapy designation for the treatment of relapsed/refractory BPDCN.

For more information, please visit www.abbvie.com/oncology.

Lead Image Credits: National Cancer Institute, Ovarian Tumor Microenvironment (Free to use under the Unsplash License)

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