ProfoundBio, a biotech firm located in Seattle, recently announced its acquisition by Danish drugmaker Genmab in a $1.8 billion all-cash deal. The acquisition is expected to be finalized in the first half of the year and marks a significant milestone for the company. ProfoundBio specializes in developing drugs to treat ovarian and endometrial cancers, with a focus on antibody-drug conjugates (ADCs), which deliver a toxin or other compound to cells through an antibody. The company has three clinical-stage ADC candidates, one of which could compete against a drug from AbbVie.
Earlier this year, ProfoundBio secured a $112 million investment from various investors including Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed. This substantial investment highlights the confidence that investors have in the potential of ProfoundBio and its innovative approach to cancer treatment. The company’s success in attracting such a significant investment further solidifies its position in the biotech industry and demonstrates its potential for growth and development in the future.
CEO Baiteng Zhao, a former associate director at Seagen, leads ProfoundBio. Seagen is another Seattle-based ADC pioneer that was acquired by Pfizer in a $43 billion deal last year. Zhao’s leadership and experience in the biotech industry have been essential in guiding ProfoundBio to where it is today. With a team of experts and professionals dedicated to advancing cancer treatment, ProfoundBio is well-positioned to make a meaningful impact in the field of oncology. The acquisition by Genmab represents an exciting opportunity for ProfoundBio to further expand its reach and accelerate the development of its innovative drug candidates.
Genmab, the Danish drugmaker acquiring ProfoundBio, is a publicly traded company with a strong presence in the pharmaceutical industry. The $1.8 billion acquisition of ProfoundBio is a significant investment for Genmab and demonstrates its commitment to expanding its portfolio of treatments for cancer. By acquiring ProfoundBio and its expertise in developing ADCs for ovarian and endometrial cancers, Genmab is poised to strengthen its position in the oncology market and offer new treatment options for patients. The acquisition is expected to bring together the unique capabilities and resources of both companies to drive innovation and advance the development of novel cancer therapies.
The acquisition of ProfoundBio by Genmab is expected to have a transformative impact on the biotech industry, particularly in the field of cancer treatment. With ProfoundBio’s expertise in ADC development and Genmab’s resources and market presence, the combined company has the potential to develop and commercialize groundbreaking therapies for patients with ovarian and endometrial cancers. The acquisition represents a strategic move for both companies to leverage their strengths and capabilities to address unmet medical needs and improve outcomes for cancer patients. As the deal moves forward and the integration of ProfoundBio into Genmab progresses, the industry will be closely watching the impact and advancements that this partnership will bring to the field of oncology.
