Genmab A/S (Nasdaq: GMAB) has announced the acquisition of ProfoundBio, Inc., a clinical-stage company specializing in advanced antibody-drug conjugates (ADCs) for cancer treatment.
The all-cash transaction, valued at $1.8 billion, is set to enhance Genmab’s clinical pipeline and expand its proprietary technology platforms.
ProfoundBio, known for its innovative ADC technologies targeting ovarian cancer and other solid tumors expressing folate receptor alpha (FRα), will become part of Genmab’s robust portfolio. This includes the promising Rina-S, a clinical-stage Topo1 ADC currently undergoing Phase 2 trials, which has recently received Fast Track designation from the U.S. FDA for certain ovarian cancer treatments.
Jan van de Winkel, Ph.D., President and CEO of Genmab, expressed confidence that the acquisition aligns with the company’s vision for 2030, aiming to impact patient lives through innovative antibody medicines. “ProfoundBio’s ADC candidates and technology platforms, coupled with their talented team, will accelerate our development of differentiated antibody therapies for cancer patients,” he stated.
Baiteng Zhao, Ph.D., co-founder and CEO of ProfoundBio, echoed the sentiment, highlighting Genmab’s expertise in drug development as a driving force for the rapid advancement of ADC therapies.
The transaction, approved by both companies’ Boards of Directors, is anticipated to close in the first half of 2024, subject to customary closing conditions. Genmab’s operating expenses are expected to rise slightly due to increased R&D investment in ProfoundBio’s clinical programs, particularly Rina-S. However, Genmab’s revenue guidance remains within the previously disclosed range.
This strategic acquisition promises to bolster Genmab’s presence in gynecologic oncology and establish a solid foundation in the treatment of solid tumors, marking a pivotal step forward in the fight against cancer.
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