Genmab, a Copenhagen, Denmark-based bio/pharmaceutical company, has agreed to acquire ProfoundBio, a Seattle, Washington-based bio/pharmaceutical company, for $1.8 billion.  

ProfoundBio is a privately owned clinical-stage biotechnology company developing antibody drug conjugates (ADCs) and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRα-expressing solid tumors.  

The acquisition will give Genmab worldwide rights to ProfoundBio’s portfolio of ADCs, which consists of three clinical and multiple preclinical programs, including Rina-S, a clinical-stage ADC currently in Phase II of a Phase I/II clinical trial, for the treatment of ovarian cancer and other FRα-expressing solid tumors.  

The proposed transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the first half of 2024. The closing of the proposed transaction is subject to the satisfaction of customary closing conditions. 

Source: Genmab