The acquisition will give Genmab worldwide rights to three clinical candidates including a potential best-in-class folate receptor alpha (FRα)-targeted ADC for ovarian cancer.
Genmab A/S has agreed to acquire ProfoundBio, Inc. for $1.8 billion, to advance next-generation antibody-drug conjugates (ADCs) for oncology indications.
Biotech ProfoundBio is developing next-generation ADCs for ovarian cancer and other FRα-expressing solid tumours.
Impact of the acquisition
The acquisition will give Genmab rights to these treatments within ProfoundBio’s portfolio, which consist of three clinical programmes.
[ProfoundBio’s candidates include rinatabart sesutecan (Rina-S), a potential best-in-class, FRα-targeted, Topo1 ADC”
ProfoundBio’s candidates include rinatabart sesutecan (Rina-S), a potential best-in-class, FRα-targeted, Topo1 ADC. The companies stated that this treatment is currently in Phase II of a Phase I/II clinical trial. Through developing Rina-S, Genmab and ProfoundBio are seeking to reach a broader patient population compared to first-generation FRα-targeted ADCs.
By gaining rights to the biotech’s portfolio of next-generation antibody-drug conjugates, Genmab confirmed that the transaction will further broaden its mid- to late-stage clinical pipeline. Specifically, Genmab will be able to further establish itself in the gynaecologic oncology space and “establish a firm foundation in solid tumours”.
About the potential best-in-class antibody-drug conjugate (ADC)
The US Food and Drug Administration (FDA) granted Fast Track designation to Rina-S In January 2024. The agency’s decision was based on the ADC biologic treatment being indicated for patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.
Jan van de Winkel, PhD, President and Chief Executive Officer of Genmab believed that through the acquisition, both parties “will be able to accelerate the development of innovative, differentiated antibody therapies for cancer patients.”
“Genmab’s deep expertise in antibody drug development and commercialisation makes this a compelling union that will allow us to rapidly develop and realize the full potential of our ADC therapies to benefit patients,” commented Baiteng Zhao, PhD, ProfoundBio’s co-founder, Chief Executive Officer and Chairman of the Board.
The proposed transaction is anticipated to close in the first half of 2024, subject to certain customary closing conditions.
This announcement follows a similar billion-dollar acquisition in the ADC oncology space in December last year.
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