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.