Genmab delves further into ADC race with ProfoundBio buy
Having already signed up licensing deals in the ever-growing interest in the antibody-conjugates (ADCs) arena, Danish biotech Genmab (Nasdaq: GMAB) is now going further with an outright company acquisition.
Genmab has signed a definitive agreement to acquire US privately-held ProfoundBio in an all-cash transaction valued at $1.8 billion. The Seattle-based company is developing next-generation ADCs and ADC technologies for the treatment of certain cancer, including ovarian and other FRα-expressing solid tumors.
The transaction will further broaden Genmab’s mid- to late-stage clinical pipeline and strengthen and complement Genmab’s already validated suite of proprietary technology platforms, the Danish company noted.
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