AbbVie has completed its acquisition of ImmunoGen, adding the flagship antibody-drug conjugate ELAHERE for ovarian cancer to its portfolio. The acquisition is expected to complement AbbVie's existing oncology pipeline and drive long-term revenue growth. AbbVie reaffirms its 2024 full-year adjusted diluted EPS guidance range and updates its first-quarter guidance to account for the dilutive impact of the acquisition. ELAHERE is the first targeted agent to offer a survival benefit in platinum-resistant ovarian cancer, with label expansion opportunities. ImmunoGen's pipeline includes potential transformative therapies for multiple solid tumors and hematologic malignancies.
Biotech stocks surged after pharmaceutical company AbbVie announced its plans to acquire cancer drug developer ImmunoGen for $10.1 billion. ImmunoGen specializes in antibody-drug conjugates (ADCs), a promising area in the pharmaceutical industry that directly targets cancer cells while sparing healthy ones. The news also boosted the shares of other biotech companies involved in ADC development, including Sutro Biopharma and Mersana Therapeutics. The deal reflects the growing interest of large biopharma companies in ADCs, following similar acquisitions by Pfizer, Merck, and Daiichi Sankyo.
Stocks traded mixed as the Dow Jones Industrial Average was on track for its highest close of the year, following the Federal Reserve's preferred inflation gauge matching expectations. Notable movers include Salesforce, Snowflake, Pure Storage, Immunogen, Tesla, Ford, and Snap.
Pharmaceutical company AbbVie has announced plans to acquire drug developer ImmunoGen for over $10 billion in cash. The deal will add ImmunoGen's potential blockbuster cancer treatment, Elahere, to AbbVie's portfolio. While Elahere has received accelerated approval from U.S. regulators, AbbVie expects the deal to be dilutive to its earnings until 2027. The acquisition will accelerate AbbVie's entry into the solid tumor treatment market. This move comes as AbbVie faces increased competition for its top-selling drug, Humira, which has seen a decline in sales. The deal is expected to close in mid-2024, pending approval from ImmunoGen shareholders and regulators.
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.
AbbVie has announced its acquisition of ImmunoGen, including its flagship cancer therapy ELAHERE (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer. The acquisition will expand AbbVie's solid tumor portfolio and accelerate its entry into the commercial market for ovarian cancer. The transaction is valued at approximately $10.1 billion and is expected to close in mid-2024, subject to regulatory approvals and shareholder approval.
ImmunoGen's drug, Elahere, lowered the risk of disease progression or death by 35% in a specific group of patients with ovarian cancer, while Day One Biopharmaceuticals' drug, Tovarafenib, showed a 67% response rate in pediatric brain tumors. Replimune's skin cancer treatment showed a 37% response rate in melanoma patients. Gilead Sciences and Arcus Biosciences' lung cancer treatment showed a median of 9.3 to 9.9 months before worsening.
ImmunoGen's ELAHERE has demonstrated a 35% reduction in the risk of disease progression or death compared to chemotherapy in patients with folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer (PROC), according to results from the Phase 3 confirmatory MIRASOL trial. ELAHERE is the first treatment to show an overall survival benefit in this patient population. The data further support the potential of ELAHERE to become the new standard of care for patients with FRα-positive platinum-resistant ovarian cancer.
Biotech company ImmunoGen's stock soared 136% after reporting "significant and clinically meaningful" survival results in a phase 3 trial of its Elahere treatment for platinum-resistant ovarian cancer. The drug reduced the risk of death by 33% and showed a statistically significant improvement in progression-free survival compared with chemotherapy. ImmunoGen plans to submit a marketing authorization application in Europe and a supplemental Biologics License Application in the U.S. for a conversion to a regular approval of Elahere. The drug was granted accelerated approval by the FDA in November.
ImmunoGen's ovarian cancer drug, Elahere, demonstrated a statistically significant and clinically meaningful improvement in overall survival and progression-free survival compared to chemotherapy for folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer patients who have received therapy. The company plans to submit an MAA to the European Medicines Agency and an sBLA to the FDA in the second half of this year. As a result, ImmunoGen's stock soared by 112.46%.
ImmunoGen's experimental ovarian cancer drug, Elahere, helped extend the lives of patients and significantly prolonged the time that a patient lives without the cancer worsening, according to a late-stage trial. The US FDA had earlier given accelerated approval for Elahere, based on data from a single-arm trial. The company plans to submit a marketing application in Europe and a supplemental application in the US for the conversion to a regular approval by the second half of the year. Shares of the drug developer jumped to a near five-year high of $11.95 on Wednesday.
