AbbVie Inc. (NYSE: ABBV) announced today that it has agreed to acquire ImmunoGen, Inc. (NASDAQ: IMGN), a biotechnology company focused on developing antibody-drug conjugates (ADCs) for the treatment of cancer.

The deal values ImmunoGen at $31.26 per share in cash, or about $10.1 billion in total.

The acquisition will give AbbVie access to ImmunoGen’s flagship product, ELAHERE® (mirvetuximab soravtansine-gynx), a first-in-class ADC approved for platinum-resistant ovarian cancer (PROC), a fast-growing segment of the ovarian cancer market.

ELAHERE is the first targeted medicine to show meaningful survival benefit in PROC, and has potential expansion opportunities in earlier lines of therapy and larger patient segments.

“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,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie.

“Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer.”

In addition, AbbVie will gain ImmunoGen’s pipeline of next-generation ADCs, which complement AbbVie’s existing oncology programs across multiple solid tumors and hematologic malignancies. These include IMGN-151, an anti-folate receptor alpha (FRα) ADC for ovarian cancer and other solid tumors, and pivekimab sunirine, an anti-CD123 ADC for a rare blood cancer called blastic plasmacytoid dendritic cell neoplasm (BPDCN).

AbbVie expects the transaction to be accretive to its earnings per share (EPS) beginning in 2027. The deal is subject to approval by ImmunoGen shareholders, regulatory approvals, and other customary closing conditions. The transaction is expected to close in the middle of 2024.

“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,” said Mark Enyedy, president and chief executive officer, ImmunoGen.

“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.”

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