Genmab A/S announced it has completed the acquisition of ProfoundBio Inc., a clinical-stage biotechnology firm focusing on next-generation antibody-drug conjugates (ADCs) for cancer treatment, in a transaction valued at USD 1.8 billion. This acquisition provides Genmab with worldwide rights to ProfoundBio’s portfolio, including Rina-S, a promising clinical-stage FR-targeted Topo1 ADC, currently being trialed for ovarian cancer and other solid tumors expressing folate receptor (FR). The US FDA has granted Fast Track designation to Rina-S for treating certain ovarian cancers. This deal also integrates ProfoundBio’s innovative ADC technology platforms with Genmab’s own, potentially revolutionizing cancer treatments. As a consequence of this acquisition, Genmab anticipates increased operational expenses but maintains its revenue guidance range. Genmab Chief Executive Jan van de Winkel expressed excitement about integrating new colleagues and capabilities into the company’s oncology portfolio as it continues to develop innovative antibody medicines.
Biotechnology, Pharmaceuticals, Healthcare,Denmark, United States
https://ir.genmab.com/news-releases/news-release-details/genmab-completes-acquisition-profoundbio