AbbVie acquiring all outstanding shares of ImmunoGen, Inc. for $31.26 per share, valuing the company at a total equity value of approximately $10.1 billion.
AbbVie Inc. has announced the acquisition of ImmunoGen, Inc. along with its first-in-class antibody-drug conjugate (ADC) mirvetuximab soravtansine-gynx (Elahere), which has been FDA-approved to treat platinum-resistant ovarian cancer.1
With the transaction, AbbVie acquires in cash all outstanding shares of ImmunoGen for $31.26 per share, valuing ImmunoGen at a total equity value of approximately $10.1 billion. Boards of directors for both AbbVie and ImmunoGen approved the transaction, which they anticipate closing in mid-2024, subject to approval by ImmunoGen shareholders and regulatory agencies, as well as other customary closing conditions. The pending transaction is anticipated to be accretive to diluted earnings per share starting in 2027.
In a press release, AbbVie said the acquisition accelerates its commercial and clinical presence in the solid tumor space.
"The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies," Richard A. Gonzalez, chairman and chief executive officer, AbbVie, said in a press release.1 "Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer."
In November 2022, the FDA granted accelerated approval to Elahere for adult patients with folate receptor alpha-positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer previously administered one of three systemic treatment regimens, including bevacizumab (Avastin).2
The most fatal gynecological cancer, ovarian cancer, is often diagnosed late-stage, with approximately 20,000 patients diagnosed annually and 13,000 deaths. Standard of care treatment is surgery and platinum-based chemotherapy; however, many patients develop platinum-resistant disease that reduces their response rates and is difficult to treat.
Elahere showed impressive anti-tumor activity, durability of response, and overall tolerability in the SORAYA trial. The trial’s primary endpoint of confirmed objective response rate was met by 31.7% of patients administered the ADC, making Elahere the first targeted medicine to show a meaningful survival benefit in this patient population. Positive findings from the Phase 3 MIRASOL confirmatory trial will be used to support a supplemental Biologic License Application submission to the FDA to gain full approval for Elahere and a Marketing Authorization Application to the European Union.
AbbVie stated that ImmunoGen's entire oncology portfolio could drive long-term revenue growth, giving the company a potential multi-billion dollar drug that is already on-market. Additionally, the ongoing clinical development programs for Elahere may expand its use into earlier lines of therapy, with entry into large segments of patients in the ovarian cancer market over the next decade, AbbVie stated.
Beyond Elahere, ImmunoGen's Phase 1 next-generation anti-FRα ADC, IMGN-151, is being evaluated for the treatment of ovarian cancer with the potential for expansion into other solid tumor types. A Phase 2 anti-CD123 ADC, pivekimab sunirine, treats the rare blood cancer blastic plasmacytoid dendritic cell neoplasm (BPDCN). The FDA granted pivekimab sunirine with Breakthrough Therapy Designation for relapsed/refractory BPDCN.
"With global commercial infrastructure and deep clinical and regulatory expertise, AbbVie is the right company to accelerate geographic and label expansion, and realize the full potential of ELAHERE as the first and only ADC approved in ovarian cancer," Mark Enyedy, president and chief executive officer, ImmunoGen, said in a press release.1 "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. 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."
1. AbbVie to Acquire ImmunoGen, including its Flagship Cancer Therapy ELAHERE® (mirvetuximab soravtansine-gynx), Expanding Solid Tumor Portfolio. AbbVie. News release. November 30, 2023. https://news.abbvie.com/2023-11-30-AbbVie-to-Acquire-ImmunoGen,-including-its-Flagship-Cancer-Therapy-ELAHERE-R-mirvetuximab-soravtansine-gynx-,-Expanding-Solid-Tumor-Portfolio
2. ImmunoGen. ImmunoGen Announces FDA Accelerated Approval of ELAHERE™ (mirvetuximab soravtansine-gynx) for the Treatment of Platinum-Resistant Ovarian. News Release. November 15, 2022. Accsessed November 30, 2023. https://www.businesswire.com/news/home/20221104005657/en