AbbVie Seeks Lift From ‘Guided Missile’ Cancer Drug With $10 Billion ImmunoGen Acquisition Deal

AbbVie will buy ImmunoGen for $10.1 billion in cash, it said on Thursday, the latest major drugmaker to acquire a maker of promising “guided missile” cancer therapies as its top-selling treatment Humira faces newer rivals.

ImmunoGen’s Elahere belongs to a new class of treatments called antibody-drug conjugates (ADC) that precisely targets cancer cells, potentially reducing toxicity for other cells.

With the deal, AbbVie is taking a meaningful step to close the gap from Humira’s loss of exclusivity by “integrating ImmunoGen’s potentially multi-billion dollar Elahere,” BMO Capital Markets analyst Evan Seigerman said.

Read the source article at Yahoo News