AbbVie Completes Acquisition of Immunogen

Today marks the completion of AbbVie’s acquisition of ImmunoGen (NASDAQ: IMGN), solidifying ImmunoGen’s integration into AbbVie’s portfolio.

Robert A. Michael, AbbVie’s president and chief operating officer, expressed enthusiasm about the merger, stating, “Together with ImmunoGen, we have the potential to continue redefining the standard of care for those living with cancer.” He emphasized the strategic value of ImmunoGen’s treatment for ovarian cancer, ELAHERE® (mirvetuximab soravtansine-gynx), in accelerating AbbVie’s mission to enhance patient care, expand its oncology pipeline, and drive long-term revenue growth.

ELAHERE®, the first and only antibody-drug conjugate (ADC) approved by the U.S. Food and Drug Administration (FDA) for ovarian cancer, has garnered significant attention. The FDA granted accelerated approval for ELAHERE in folate receptor-alpha (FRα) positive platinum-resistant ovarian cancer (PROC) patients, showcasing promising response data. Furthermore, results from a confirmatory trial, currently under FDA review, have demonstrated ELAHERE’s potential as the first targeted agent to offer a survival benefit in PROC, with potential label expansion opportunities across broader segments of the ovarian cancer market.

ImmunoGen’s robust pipeline of ADCs, including the investigational Phase 1 asset IMGN-151 for ovarian cancer and Pivekimab sunirine in Phase 2 for blastic plasmacytoid dendritic cell neoplasm (BPDCN), complements AbbVie’s existing solid tumor pipeline and next-generation immuno-oncology assets. This combined portfolio holds promise for creating new treatment modalities across various solid tumors and hematologic malignancies.

Financially, AbbVie acquired all outstanding ImmunoGen common stock for $31.26 per share. It is anticipated that ImmunoGen’s common stock will cease trading on the NASDAQ stock exchange before the market opens on February 12, 2024. AbbVie expects the acquisition to be accretive to its diluted earnings per share (EPS) starting in 2027 and significantly accretive in the long term.

Regarding financial outlook, AbbVie reaffirms its previously issued 2024 full-year adjusted diluted EPS guidance range of $11.05-$11.25, which now incorporates a $0.42 per share dilutive impact related to the ImmunoGen acquisition. The guidance also considers the pending Cerevel Therapeutics acquisition, anticipated to close in mid-2024. Additionally, AbbVie updates its 2024 first-quarter adjusted diluted EPS guidance range from $2.30-$2.34 to $2.26-$2.30, reflecting a $0.04 per share dilutive impact from the ImmunoGen acquisition.

Overall, AbbVie’s acquisition of ImmunoGen represents a significant step in bolstering its oncology portfolio and advancing its commitment to delivering transformative therapies to patients battling cancer.

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