ARTICLE | Deals
ImmunoGen’s commitment to Elahere pays off with $10.1B AbbVie takeout
Pharma sees opportunities for label expansions as it builds pipeline, gains commercial presence in solid tumors
November 30, 2023 10:51 PM UTC
Under the leadership of President and CEO Mark Enyedy in the last seven years of its winding, 42-year history, ImmunoGen marshaled its resources behind its lead ADC for ovarian cancer, bringing it from mid-stage testing to the commercial market — and now, to the biotech’s acquisition by AbbVie for $10.1 billion.
The year’s third-largest biotech buyout will give AbbVie Inc. (NYSE:ABBV) a commercial asset to complement a pipeline of homegrown antibody-drug conjugates, including late-stage candidates. Elahere mirvetuximab soravtansine from ImmunoGen Inc. (NASDAQ:IMGN) will also become its lone marketed drug for solid tumors...