Genmab A/S to Acquire ProfoundBio, Inc. for USD 1.8 Billion in Cash

Genmab A/S and ProfoundBio, Inc. have entered into a definitive agreement for Genmab to acquire ProfoundBio in an all-cash transaction valued at USD 1.8 billion. This acquisition will further broaden Genmab’s mid- to late-stage clinical pipeline and give Genmab worldwide rights to ProfoundBio’s portfolio of next-generation ADCs. 

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 FRα-expressing solid tumors. The addition of ProfoundBio's portfolio, including the potential best-in-class, clinical-stage, FRα-targeted, Topo1 ADC, Rina-S, will enable Genmab to deepen its presence in the gynecologic oncology space and establish a firm foundation in solid tumors.

The transaction is expected to close in the first half of 2024, subject to customary closing conditions. Genmab's operating expenses are anticipated to increase to support the advancement of ProfoundBio’s clinical programs, primarily Rina-S. 

Read the full press release here.