Genmab (GMAB) has released an update.
Genmab A/S has successfully completed the acquisition of ProfoundBio, Inc., a biotech firm focused on antibody-drug conjugate (ADC) technology for cancer treatment, with a USD 1.8 billion cash transaction. This strategic move grants Genmab worldwide rights to three clinical-stage candidates, including the promising Rina-S for ovarian cancer, and augments their oncology pipeline with ProfoundBio’s novel ADC platforms. The acquisition, which aligns with Genmab’s mission to innovate in antibody medicines, is expected to moderately increase its R&D expenses while maintaining its revenue guidance.
For further insights into GMAB stock, check out TipRanks’ Stock Analysis page.
