DENMARK — Genmab A/S, a Danish biotechnology company, has finalized its US$1.8 billion acquisition of ProfoundBio, Inc., enhancing its cancer treatment capabilities.
This transaction follows a clear agreement reached in April 2024, which expands Genmab’s presence in the global oncology field.
ProfoundBio specializes in developing antibody-drug conjugates (ADCs) and cutting-edge technologies tailored for cancer therapy.
By acquiring ProfoundBio, Genmab secures worldwide rights to its portfolio of next-generation ADCs, thereby enriching its clinical pipeline with promising candidates.
The centerpiece of ProfoundBio’s portfolio is Rina-S, an ADC undergoing Phase II clinical trials for treating ovarian cancer and other solid tumors expressing folate receptor alpha (FRα).
The acquisition empowers Genmab to deepen its involvement in gynecologic oncology and solid tumor treatment. Based on encouraging trial results, Genmab plans to expand Rina-S’s development.
Jan van de Winkel, Ph.D., President and CEO of Genmab, expressed enthusiasm about the acquisition, stating, “With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented R&D team.”
The transaction grants Genmab access to ProfoundBio’s pipeline and its novel ADC technology platforms.
These platforms synergize with Genmab’s existing suite of proprietary technologies, offering new avenues for innovation in cancer therapy.
Van de Winkel emphasized, “The combination of the companies’ technology platforms could create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve patients’ lives.”
Furthermore, the acquisition aligns with Genmab’s vision to revolutionize cancer treatment by leveraging innovative antibody medicines.
The company aims to capitalize on ProfoundBio’s expertise to advance its oncology portfolio and deliver impactful therapies to needy patients.
The strategic move comes amid a sustained investment in research and development (R&D) for Genmab.
Following the acquisition, Genmab expects a moderate increase in operating expenses, primarily driven by additional R&D investment to support ProfoundBio’s clinical programs.
In a broader context, Genmab’s acquisition of ProfoundBio highlights the pharmaceutical industry’s commitment to innovation and collaboration to address unmet medical needs.
By joining forces, Genmab and ProfoundBio aim to accelerate the development of novel cancer treatments, ultimately improving patient outcomes.
Reports indicate that Genmab, with a strengthened pipeline and enhanced R&D capabilities, is poised to shape the future of oncology and deliver breakthrough medicines to patients worldwide.
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