USA – AbbVie has successfully finalized the acquisition of ImmunoGen for a significant US$10.1 billion, marking a strategic move to strengthen its oncology pipeline with treatments for both solid tumors and hematologic malignancies.
The definitive agreement between the two companies was inked back in November 2023, and with this transaction, AbbVie gains access to ImmunoGen’s cutting-edge antibody-drug conjugate (ADC) Elahere (mirvetuximab soravtansine-gynx), which now becomes a part of AbbVie’s esteemed portfolio.
Elahere stands out as the pioneering FDA-approved ADC specifically designed for folate receptor-alpha (FRα) positive platinum-resistant ovarian cancer (PROC), offering a ray of hope for patients in need.
The FDA’s accelerated approval of Elahere was driven by promising response data, and ongoing reviews of confirmatory trials suggest potential survival benefits, paving the way for broader applications within the ovarian cancer market.
This acquisition not only enhances AbbVie’s oncology offerings but also integrates ImmunoGen’s pipeline seamlessly into its existing portfolio, promising transformative ADC treatments for patients worldwide.
Included in the acquisition is ImmunoGen’s Phase I asset, IMGN-151, an ADC with implications for ovarian cancer treatment and potential expansion into other solid tumor indications.
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Additionally, Pivekimab sunirine, currently in Phase II development, targets blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare blood cancer, and has earned breakthrough therapy designation from the FDA for its potential to address relapsed/refractory BPDCN.
AbbVie President reveals acquisition will redefine cancer care
Robert Michael, President and Chief Operating Officer of AbbVie, revealed that he had much optimism about the collaboration and said that it had the potential to redefine cancer care standards.
He explained that ImmunoGen’s ovarian cancer treatment had an immediate impact on patient outcomes, and that the long-term growth prospects of the company would be realized with the expansion of the oncology pipeline.
“The addition of ImmunoGen’s treatment for ovarian cancer will accelerate our ability to help patients today, expand our oncology pipeline and drive long-term revenue growth well into the next decade. I want to thank ImmunoGen for their efforts to advance science for patients and we look forward to welcoming our new colleagues to AbbVie. “he said.
AbbVie has reaffirmed its guidance for the full year 2024, projecting adjusted diluted earnings per share in the range of US$11.05 to US$11.25.
This guidance accounts for the dilutive impact of US$0.42 per share stemming from the ImmunoGen acquisition, along with the recent deal to acquire Cerevel Therapeutics.
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