Genmab's Bold Acquisition: Strengthening Oncology Arsenal with ProfoundBio

Genmab's Bold Acquisition: Strengthening Oncology Arsenal with ProfoundBio
Genmab's Bold Acquisition: Strengthening Oncology Arsenal with ProfoundBio

Acquisition of ProfoundBio Strengthens Genmab's Oncology Portfolio

On April 3, 2024, Genmab A/S announced the acquisition of ProfoundBio, Inc. for USD 1.8 billion in cash. This acquisition expands Genmab's late-stage clinical pipeline and reinforces its commitment to innovative antibody therapies for cancer.

Acquisition Details

The acquisition includes three candidates in clinical development, including rinatabart sesutecan (Rina-S). This potential best-in-class Topo1 ADC targets folate receptor alpha (FRα) and is being evaluated for treating ovarian cancer and solid tumors. Additionally, ProfoundBio's novel ADC technology platforms will enhance Genmab's proprietary antibody platforms, creating opportunities for new therapies.

Benefits for Genmab

The acquisition deepens Genmab's presence in gynecologic oncology and establishes a solid foundation in solid tumors. Rina-S aims to treat a broader patient population than first-generation FRα-targeted ADCs. Genmab plans to expand the development of Rina-S based on positive Phase 1/2 clinical trial data.

ProfoundBio's Contributions

ProfoundBio's ADC candidates, technology platforms, and skilled team complement Genmab's capabilities. The combination is expected to accelerate the development and commercialization of innovative antibody therapies.

Financial Impact

The acquisition will increase Genmab's operating expenses moderately above the previously disclosed guidance range. However, the anticipated incremental R&D investment supports the advancement of ProfoundBio's clinical programs, particularly Rina-S. Genmab's revenue guidance remains unchanged.

About Genmab

Genmab is a biotechnology company that strives to improve patients' lives through innovative antibody therapeutics. Its proprietary technology platforms and collaborations have resulted in a pipeline including bispecific T-cell engagers, immune checkpoint modulators, and antibody-drug conjugates. Genmab aims to transform the lives of people with cancer and other serious diseases with its "knock-your-socks-off" antibody medicines.

About ProfoundBio

ProfoundBio is a clinical-stage biotechnology company focused on developing novel antibody-based therapeutics for cancer. Its pipeline consists of multiple ADC drug candidates targeting solid tumors and hematological malignancies. ProfoundBio leverages its internally developed, innovative technology platforms to create targeted and effective therapies.

newsid: 2apb8ygic3qg4wd

Related stories
5 hours ago - Goldman Sachs' Q1 profit surged due to a rebound in investment banking fees, bond trading, and asset management.
6 hours ago - DJT stock dropped 18% due to issuance of over 21 million shares and concerns over Trump's ties to Truth Social.
8 hours ago - Salesforce's stock plunged due to reports of potential acquisition of Informatica, a data-management firm.
8 hours ago - Vinted, a secondhand clothing resale app, thrived under Thomas Plantenga's leadership, turning a loss-making enterprise into a profitable European marketplace.
9 hours ago - Amazon's Jassy emphasizes AI growth while industry experts highlight Nvidia's dominance in the GPU market.
Other stories
19 minutes ago - China's economy grew 6.6% annually in the first quarter, driven by increased factory output and exports despite concerns over potential impacts on foreign markets.
19 minutes ago - H&R Block experienced technology outages on Monday, preventing last-minute tax filers from e-filing their returns.
19 minutes ago - American Airlines pilots' union reports a surge in safety concerns, including infrequent inspections and abbreviated test flights.
36 minutes ago - TSMC, a major AI chip producer, anticipates a 5% profit increase in the first quarter due to high demand.
1 hour ago - Multiple California cities, primarily in Southern California, face skyrocketing home prices exceeding $1 million, with some experiencing growth rates of up to 17%.