AbbVie has completed the acquisition of ImmunoGen for $10.1bn, a move that significantly bolsters its oncology pipeline with promising treatments for solid tumours and haematologic malignancies.

The companies signed a definitive agreement in November 2023.

The transaction brings ImmunoGen’s antibody-drug conjugate (ADC) ELAHERE (mirvetuximab soravtansine-gynx), into AbbVie's portfolio.

ELAHERE is the first and only FDA-approved ADC for folate receptor-alpha (FRα) positive platinum-resistant ovarian cancer (PROC).

The FDA's accelerated approval was based on response data.

Results from a confirmatory trial are currently under regulatory review and indicate that ELAHERE may offer a survival benefit in PROC. This could lead to expanded use across a broader segment of the ovarian cancer market.

ImmunoGen's pipeline complements AbbVie's existing oncology portfolio.

The combined expertise of AbbVie and ImmunoGen is expected to deliver potentially transformative ADC treatments to patients.

The acquisition also includes ImmunoGen's investigational Phase I asset, IMGN-151, an ADC for ovarian cancer with potential applications in other solid tumour indications.

Pivekimab sunirine, currently in the Phase II development stage, is an investigational ADC targeting blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare blood cancer.

It has received breakthrough therapy designation from the FDA to treat relapsed/refractory BPDCN.

AbbVie president and chief operating officer Robert Michael stated: “Together with ImmunoGen, we have the potential to continue redefining the standard of care for those living with cancer.

“The addition of ImmunoGen's treatment for ovarian cancer will accelerate our ability to help patients today, expand our oncology pipeline and drive long-term revenue growth well into the next decade. I want to thank ImmunoGen for their efforts to advance science for patients and we look forward to welcoming our new colleagues to AbbVie.”

The company has restated guidance for the full year 2024 giving its adjusted diluted earnings per share between $11.05 and $11.25. This projection accounts for the $0.42 per share dilutive impact from the latest takeover of ImmunoGen and a deal to acquire Cerevel Therapeutics.