Genmab to Acquire ProfoundBio in $1.8B Deal, Strengthens Oncology Portfolio
By
Lars Jørgensen
1 min read
⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).
What Happened:
ProfoundBio, a biotech firm based in Seattle, is set to be acquired by Danish drugmaker Genmab in a $1.8 billion all-cash deal expected to close in the first half of this year. The acquisition is aimed at broadening and strengthening Genmab's oncology portfolio.
Key Takeaways:
- Genmab is acquiring ProfoundBio, a Seattle-based biotech firm, in a $1.8 billion all-cash deal.
- ProfoundBio specializes in antibody-drug conjugates (ADCs), with three clinical-stage ADC candidates.
- ProfoundBio recently received a $112 million investment from several investors, including Nextech Invest and T. Rowe Price.
- The company is led by CEO Baiteng Zhao, a former associate director at Seagen.
Analysis:
This acquisition underscores Genmab's strategic move to bolster its oncology portfolio. With ProfoundBio's expertise in ADCs, it adds depth to Genmab's capabilities in treating ovarian and endometrial cancers. The deal also signifies the growing interest and investment in biotech firms working on innovative cancer treatments.
Do You Know?
- Antibody-Drug Conjugates (ADCs): These are agents that recognize a molecular target via an antibody and deliver a toxin or other compound to cells, presenting a promising approach in cancer treatment.