Genmab said on Wednesday it will acquire privately held clinical-stage biotech company ProFoundBio for $1.8 billion in full cash. The deal is expected to close in the first half of 2024.
The Zhitong Finance App learned that Genmab (GMAB.US) said on Wednesday that it will buy privately held clinical-stage biotechnology company ProFoundBio with full cash of 1.8 billion US dollars. The deal is expected to close in the first half of 2024.
According to reports, Genmab is a biotechnology company headquartered in Copenhagen, Denmark, which specializes in antibody therapy to treat cancer. ProFoundBio is headquartered in Seattle, Washington, USA, and has developed a variety of ADC (antibody drug conjugate) drug candidates for solid tumors and hematologic malignancies.
The deal will enable GenMab to obtain global rights to three clinical drug candidates, including Rinatabart sesutecan (Rina-S), as well as ProfoundBio's novel ADC technology platform. The deal is expected to enhance Genmab's mid- to late-stage clinical product line and enhance its cancer treatment capabilities.
As a result of this deal, Genmab's operating expenses are expected to rise to the upper limit of the guideline range of 12.4 billion to 13.4 billion DKK, mainly due to additional R&D investment in ProFoundBio's clinical project. However, Genmab kept its revenue guidance unchanged at DKK 18.7 billion to 20.5 billion.