AbbVie signs $10.1 billion deal to buy cancer drugmaker ImmunoGen By Reuters

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<span>© Reuters. FILE PHOTO: A sign stands outside a Abbvie facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File Photo</span><br />
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<p>(Reuters) -AbbVie said on Thursday it will buy drugmaker <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> ImmunoGen </span></span> (NASDAQ:) for $10.1 billion, adding a promising drug for ovarian cancer to its portfolio of oncology treatments. </p>
<p>Through the deal, AbbVie (NYSE:) gains Elahere, which is approved for ovarian cancer patients who have received previous therapies, and is also being tested in earlier lines of treatment. </p>
<p>The drugmaker will pay $31.26 per ImmunoGen share in cash, representing a premium of 94.6% to the last closing price.</p>
<p>ImmunoGen shares have more than tripled this year, after the company said in May that Elahere helped extend the lives of patients in a late-stage trial.</p>
<p>For Abbvie, the deal would help boost its plans to expand into the cancer drug market as its top-selling product Humira, a rheumatoid arthritis treatment, faces fierce competition in the United States. </p>
<p>Abbvie makes blood cancer drug Imbruvica, which was selected in August as one of the 10 drugs subject to the first-ever price negotiations by U.S. Medicare insurance plans. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/abbvie-to-buy-immunogen-for-101-billion-to-boost-cancer-drug-portfolio-3246817">Source link </a></p><p>The post <a href="https://forextraderhub.com/abbvie-signs-10-1-billion-deal-to-buy-cancer-drugmaker-immunogen-by-reuters.html">AbbVie signs $10.1 billion deal to buy cancer drugmaker ImmunoGen By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>