Genmab has entered into a definitive agreement to acquire ProfoundBio for $1.8bn, marking a notable boost to the company’s oncology portfolio.
The acquisition will give Genmab worldwide rights to ProfoundBio’s portfolio of next-generation antibody-drug conjugates (ADCs).
This includes rinatabart sesutecan (Rina-S), a Topo1 ADC targeting folate receptor alpha (FRα) currently being evaluated in a phase 1/2 clinical trial as a treatment for ovarian cancer and other FRα-expressing solid tumours.
The addition of Rina-S, which aims to address a broader patient population than first-generation FRα-targeted ADCs, will enable Genmab to “deepen its presence” in the gynaecological oncology space and “establish a firm foundation” in solid tumours, the company said.
The candidate has already been granted fast track designation by the US Food and Drug Administration (FDA) to treat patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.
Genmab will also gain access to two other candidates in clinical development, as well as multiple preclinical programmes and ProfoundBio’s ADC technology platforms, through the acquisition.
Jan van de Winkel, Genmab’s president and chief executive officer, said: “We believe that ProfoundBio’s ADC candidates, proprietary technology platforms and talented team will be a great addition to Genmab and that, together, we will be able to accelerate the development of innovative, differentiated antibody therapies for cancer patients.”
The proposed acquisition, which has been unanimously approved by the boards of directors of both companies, is expected to close in the first half of this year.
Baiteng Zhao, ProfoundBio’s co-founder, chief executive officer and chairman of the board, said: “Genmab shares our team’s mission of developing novel therapies to improve outcomes for cancer patients.
“[Its] deep expertise in antibody drug development and commercialisation makes this a compelling union that will allow us to rapidly develop and realise the full potential of our ADC therapies to benefit patients.”
ADCs are a class of cancer therapies designed to precisely target and kill tumour cells while sparing healthy ones.
In September, Genmab and Seagen announced positive results from a late-stage study of their ADC Tivdak (tisotumab vedotin) in advanced cervical cancer.
The positive readout from the innovaTV 301 trial added to the previous results from innovaTV 204, which served as the basis for the FDA’s accelerated approval of the therapy in 2021.