AbbVie Inc. and ImmunoGen, Inc. announced on November 30 a definitive agreement under which AbbVie will acquire ImmunoGen, a publicly traded biotechnology company focused on the development of antibody-drug conjugate (ADC) technology to treat cancer.
Under the terms of the transaction, AbbVie will acquire all outstanding shares of ImmunoGen for $31.26 per share in cash. The transaction values ImmunoGen at a total equity value of approximately $10.1 billion.
ImmunoGen’s flagship cancer therapy ELAHERE® (mirvetuximab soravtansine-gynx) is approved for the treatment of platinum-resistant ovarian cancer. According to its 2022 financial report, ImmunoGen had total revenues of approximately $108.8 million for the year ended December 31, 2022, and EBITDA of $215.8 million.
AbbVie is a biopharmaceutical company that discovers, develops, manufactures and sells pharmaceutical products worldwide. The company focuses on several therapeutic areas, including immunology, oncology, neuroscience, eye care, virology and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio.
The acquisition accelerates AbbVie’s commercial and clinical presence in the solid tumor space. ImmunoGen’s follow-on pipeline of next-generation ADCs further complements AbbVie’s ADC platform and existing programs. This transaction is expected to close in the middle of 2024, subject to ImmunoGen shareholder approval, regulatory approvals and other customary closing conditions.
AbbVie’s lead financial advisor is J.P. Morgan Securities LLC, which has delivered a fairness opinion for the transaction, while Wachtell, Lipton, Rosen & Katz is serving as legal advisor. Morgan Stanley & Co. LLC is also serving as a financial advisor to AbbVie. ImmunoGen’s financial advisors are Goldman Sachs and Lazard, and Ropes & Gray LLP is serving as legal advisor.
According to data captured in the LevinPro HC database, this transaction represents the 145th Biotechnology transaction of the year. This is approximately a 7% increase from the same period last year when there were 136 Biotechnology transactions announced between January 1, 2022, and November 30, 2022.
This also marks AbbVie’s second Biotechnology transaction of the year. In October, the company announced its acquisition of Mitokinin, a discovery-stage biotechnology company developing a potentially first-in-class disease-modifying treatment for Parkinson’s Disease, for $110 million. During 2022, AbbVie picked up Belgium-based Syndesi Therapeutics SA in March for $130 million, followed by U.K.-based DJS Antibodies in October for $255 million.
