Genmab, a biotechnology company focused on developing novel antibody therapies, has completed its acquisition of ProfoundBio, a clinical-stage biotechnology company developing antibody-drug conjugates ADCs and associated technologies for the treatment of cancers.
The all-cash transaction totalled USD $1.8bn, which is subject to adjustment for ProfoundBio's closing net debt and transaction expenses.
"With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates,” said Jan van de Winkel, President and CEO of Genmab. “We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines.”
What the deal entails
The acquisition gives Genmab worldwide rights to ProfoundBio’s portfolio of next-generation ADCs, further broadening and strengthening its clinical pipeline.
These programmes include Rina-S, a potential best-in-class, clinical-stage, FRα-targeted, Topo1 ADC, currently in part 2 of a Phase I/II clinical trial for the treatment of ovarian cancer and other FRα-expressing solid tumours.
Rina-S
The addition of Rina-S to Genmab’s portfolio enables Genmab to deepen its presence in the gynecologic oncology space and establish a firm foundation in solid tumours. Based on the data from the ongoing Phase I/II clinical trial, which also indicates that Rina-S has the potential to address a broader patient population than first-generation FRα-targeted ADCs, Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-expressing solid tumours.
In January 2024, the US Food and Drug Administration (FDA) granted Fast Track designation to Rina-S for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.
In addition, the transaction provides Genmab with access to ProfoundBio’s novel ADC technology platforms, which complement Genmab’s already validated suite of proprietary technology platforms. The combination of the companies’ technology platforms could create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve patients’ lives.