Pharmaceutical giant AbbVie announced plans to acquire antibody-drug conjugate maker ImmunoGen to expand its oncology portfolio and enter the commercial market for ovarian cancer.
The proposed transaction is estimated at $10.1 billion, according to a Nov. 30 AbbVie news release.
ImmunoGen's flagship drug, Elahere, a first-in-class antibody-drug conjugate (ADC), has been approved for platinum-resistant ovarian cancer to target solid tumors.
"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," Mark Enyedy, president and CEO of ImmunoGen stated in the release. "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."