Genmab acquires ProfoundBio for $1.8B in cash

Genmab and ProfoundBio have entered into a definitive agreement for Genmab to acquire ProfoundBio in an all-cash transaction. ProfoundBio is a privately-owned clinical-stage biotechnology company developing next-generation ADCs and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRalpha-expressing solid tumors. Genmab will acquire ProfoundBio for $1.8B in cash, payable at closing. The acquisition will give Genmab worldwide rights to ProfoundBio’s portfolio of next-generation ADCs, which consists of three clinical and multiple preclinical programs including Rina-S, a potential best-in-class, clinical-stage, FRalpha-targeted, Topo1 ADC, currently in Phase 2 of a Phase 1/2 clinical trial, for the treatment of ovarian cancer and other FRalpha-expressing solid tumors. In addition, the combination of ProfoundBio’s novel ADC technology platforms with Genmab’s proprietary antibody platforms will potentially create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve the lives of patients. Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRalpha-expressing solid tumors. In January 2024, the FDA granted Fast Track designation to Rina-S for the treatment of patients with FRalpha-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer. The proposed transaction is expected to close in the first half of 2024. The closing of the proposed transaction is subject to the satisfaction of customary closing conditions. Genmab’s operating expenses before expenses incurred by it in connection with the proposed transaction are now anticipated to be at or moderately above the upper end of the previously disclosed guidance range of DKK12.4B-DKK13.4B. Genmab’s revenue guidance is unchanged and expected to be in the guidance range of DKK18.7B-DKK20.5B.