Genmab acquires biotechnology company ProfoundBio in $1.8bn deal
Genmab has concluded the previously announced acquisition of clinical-stage biotechnology company ProfoundBio in a $1.8bn cash transaction. ProfoundBio specialises in the development of antibody-drug conjugates (ADCs) and technologies for cancer treatment.
The latest development comes after the companies signed a definitive agreement for the acquisition in April 2024. Genmab obtained global rights to ProfoundBio’s portfolio of next-generation ADCs, significantly bolstering its clinical pipeline.
These programmes include Rina-S, an ADC being analysed in Part II of a Phase I/II clinical trial to treat ovarian cancer and other FRα-expressing solid tumours. The ongoing Phase I/II clinical trial data suggests that Rina-S could serve a wider patient demographic than the first-generation FRα-targeted ADCs.
Genmab is planning to expand the development of Rina-S within ovarian cancer and other FRα-expressing solid tumours based on these findings.
In January 2024, Rina-S received fast-track designation from the US Food and Drug Administration (FDA) to treat patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.
The transaction provides Genmab access to ProfoundBio’s ADC technology platforms.
These platforms are anticipated to complement Genmab’s existing suite of proprietary technology platforms, potentially leading to the creation of innovative medicines that could revolutionise cancer treatment and improve patient outcomes.
Genmab president and CEO Jan van de Winkel stated: “With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented research and development team. We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines.”
May 24, 2024
