Genmab Strengthens Oncology Portfolio With $1.8 Billion Acquisition of ProfoundBio

By Dominic Chopping

Danish biotechnology company Genmab will acquire U.S. ProfoundBio for $1.8 billion in cash as it looks to bolster its pipeline of cancer treatments.

The acquisition will give Genmab worldwide rights to a portfolio of next-generation antibody-drug conjugates, or ADCs, which are manufactured antibodies that are administered to patients intravenously designed to deliver drugs to tumors.

This developing technology allows only the cancer cells to be targeted, unlike traditional chemotherapy treatments that can damage healthy cells and come with a number of side effects.

ProfoundBio currently has three candidates in clinical development and multiple preclinical programs, including Rina-S, which is being developed to treat ovarian cancer and other solid tumors.

Earlier this year, the U.S. Food and Drug Administration granted fast track designation to Rina-S for the treatment of patients with certain types of ovarian cancer.

"The combination of ProfoundBio's novel ADC technology platforms with Genmab's proprietary antibody platforms will potentially create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve the lives of patients," Genmab said in a statement.

The proposed transaction, which has been unanimously approved by the boards of both companies, is expected to close in the first half of 2024, subject to conditions.

ProfoundBio is headquartered in Seattle, Washington and has a research and development center in Suzhou, China.

Write to Dominic Chopping at dominic.chopping@wsj.com

Corrections & Amplifications

This item was corrected at 8:50 a.m. ET to show that ADCs are manufactured antibodies that are administered to patients intravenously designed to deliver drugs to tumors. An earlier version incorrectly said ADCs are designed to use the body's own antibodies to deliver drugs to tumors.

(END) Dow Jones Newswires

April 03, 2024 04:08 ET (08:08 GMT)

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