AbbVie Acquires ImmunoGen for $10 Billion, Expanding Cancer Drug Portfolio
AbbVie has announced its acquisition of ImmunoGen for $10.1 billion in cash, as the pharmaceutical company seeks to bolster its portfolio amid increasing competition for its top-selling drug, Humira. ImmunoGen specializes in the development of antibody-drug conjugates (ADC), a new class of cancer treatments that target cancer cells while reducing toxicity for other cells. The acquisition will provide AbbVie with access to ImmunoGen's pipeline of ADCs, including the promising ovarian cancer candidate IMGN-151. This move follows a trend of major drugmakers acquiring ADC developers, with Pfizer and Merck making similar moves in recent months.