Denmark-based biotech Genmab A/S (NASDAQ: GMAB) has announced a significant all-cash acquisition of Sino-US biotech Profound Bio, targeting its antibody drug conjugate (ADC) pipeline in a deal valued at $1.8 billion, set to close in the first half of 2024. The agreement has received approval from the boards of both companies.
Founded in 2019 and headquartered in Seattle with research operations in Suzhou, China, Profound Bio has developed a proprietary ADC platform, notably advancing rinatabart sesutecan (Rina-S; PRO1184), which targets folate receptor alpha (FRα). This candidate is currently in Phase II trials for ovarian and other FRα-expressing tumors and received US FDA fast-track designation for ovarian cancer in January 2024.
In addition to Rina-S, Profound Bio’s pipeline includes clinical-stage candidates such as PRO1160, a CD70-targeted ADC for renal cell carcinoma, nasopharyngeal carcinoma, and non-Hodgkin’s lymphoma, as well as PRO1107, a PTK7-targeted ADC for various solid tumors. Notably, Profound Bio recently completed a Series B funding round in February 2024, raising $112 million from investors including Ally Bridge Group, Lilly Asia Ventures, and LYFE Capital.
Genmab anticipates that the acquisition will not only provide worldwide rights to Rina-S and ProfoundBio’s pipeline but also create synergies between its own antibody development capabilities and ProfoundBio’s ADC platform.- Flcube.com