Genmab to Acquire ProfoundBio for $1.8 Billion
Danish drugmaker Genmab has agreed to buy privately-owned US biotechnology company ProfoundBio for $1.8 billion. ProfoundBio develops novel ADCs and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRα-expressing solid tumors.
With the transaction, Genmab will broaden its mid- to late-stage clinical pipeline and complement its suite of proprietary technology platforms, the company said. The acquisition will give Genmab worldwide rights to ProfoundBio’s ADC portfolio, which consists of three clinical and multiple preclinical programs including Rina-S, a potential best-in-class, clinical-stage, FRα-targeted, Topo1 ADC, currently in Phase 2 of a Phase 1/2 clinical trial, for the treatment of ovarian cancer and other FRα-expressing solid tumors.
In addition, Genmab expects the combination of ProfoundBio's novel ADC technology platforms with its proprietary antibody platforms to create new opportunities for the generation and development of novel anti-cancer drugs.
In January 2024, the US Food and Drug Administration granted Fast Track designation to Rina-S for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.
“The proposed acquisition of ProfoundBio firmly aligns with our long-term strategy and our ambitious 2030 vision, to impact the lives of patients through innovative antibody medicines,” said Jan van de Winkel, president and CEO of Genmab.
Baiteng Zhao, ProfoundBio’s co-founder, CEO and chairman of the board, added: “Genmab’s deep expertise in antibody drug development and commercialization makes this a compelling union that will allow us to rapidly develop and realize the full potential of our ADC therapies to benefit patients,” said.
The planned transaction, which was unanimously approved by the boards of directors of both companies, is expected to be completed in the first half of 2024.
