ZLAB - Week In Review: ProfoundBio A Seattle-Suzhou ADC Biotech Acquired By Genmab For $1.8 Billion
2024-04-07 06:30:00 ET
Summary
- ProfoundBio, a Seattle ADC company with an R&D facility in Suzhou, will be acquired by Copenhagen’s Genmab A/S in a $1.8 billion all-cash deal.
- China Medical System in-licensed povorcitinib, an oral JAK1 inhibitor, from San Francisco’s Incyte for autoimmune and inflammatory dermatologic diseases.
- Suzhou’s Innovent Biologics and HutchMed of Shanghai filed an NDA in China for a combination therapy aimed at advanced endometrial cancer.
Deals and Financings
ProfoundBio, a Seattle ADC company with an R&D facility in Suzhou, will be acquired by Copenhagen’s Genmab A/S ( GMAB ) in a $1.8 billion all-cash deal (see story ). The acquisition will expand Genmab’s drug portfolio, including three ProfoundBio clinical-stage ADC candidates for solid tumors. The company’s three clinical-stage assets target ovarian cancer and other FR?-expressing solid tumors. A privately owned company, ProfoundBio raised $112 million in a B Round financing earlier this year. ProfoundBio is led by CEO Baiteng Zhao, a former associate director at Seagen, a Seattle ADC company that was acquired by Pfizer for $43 billion in 2023....
Week In Review: ProfoundBio, A Seattle-Suzhou ADC Biotech, Acquired By Genmab For $1.8 Billion