Genmab to Broaden and Strengthen Oncology Portfolio with Acquisition of ProfoundBio

$GMAB
Biotechnology: Pharmaceutical Preparations
Health Care
Get the next $GMAB alert in real time by email

Company Announcement

  • Genmab to acquire ProfoundBio for USD 1.8 billion in cash
  • Acquisition will give Genmab worldwide rights to three candidates in clinical development, including rinatabart sesutecan (Rina-S), plus ProfoundBio's novel antibody-drug conjugate (ADC) technology platforms
  • Rina-S is a novel, next-generation, potential best-in-class Topo1 ADC targeting folate receptor alpha (FRα) in development for the treatment of ovarian cancer and other solid tumors
  • Genmab to host conference call today at 1:00 PM CEST / 12:00 PM BST / 7:00 AM EDT

COPENHAGEN, Denmark and SEATTLE, Washington; April 3, 2024 – Genmab A/S (NASDAQ:GMAB) and ProfoundBio, Inc. announced today that the companies have entered into a definitive agreement for Genmab to acquire ProfoundBio in an all-cash transaction. ProfoundBio is a privately-owned clinical-stage biotechnology company developing next-generation ADCs and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRα-expressing solid tumors. Genmab will acquire ProfoundBio for USD 1.8 billion in cash, payable at closing (subject to adjustment for ProfoundBio's closing net debt and transaction expenses).  

The transaction will further broaden Genmab's mid- to late-stage clinical pipeline and strengthen and complement Genmab's already validated suite of proprietary technology platforms. The acquisition will give Genmab worldwide rights to ProfoundBio's portfolio of next-generation ADCs, which consists of three clinical and multiple preclinical programs including Rina-S, a potential best-in-class, clinical-stage, FRα-targeted, Topo1 ADC, currently in Phase 2 of a Phase 1/2 clinical trial, for the treatment of ovarian cancer and other FRα-expressing solid tumors. In addition, the combination of ProfoundBio's novel ADC technology platforms with Genmab's proprietary antibody platforms will potentially create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve the lives of patients.

The addition of Rina-S to Genmab's portfolio will enable Genmab to deepen its presence in the gynecologic oncology space and establish a firm foundation in solid tumors. As a potential best-in-class ADC, Rina-S aims to address a broader patient population than first-generation FRα-targeted ADCs. Based on the data from the ongoing Phase 1/2 clinical trial Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-expressing solid tumors. In January 2024, the U.S. Food and Drug Administration (U.S. 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.

"The proposed acquisition of ProfoundBio firmly aligns with our long-term strategy and our ambitious 2030 vision, to impact the lives of patients through innovative antibody medicines," said Jan van de Winkel, Ph.D., President and Chief Executive Officer of Genmab. "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."

"Genmab shares our team's mission of developing novel therapies to improve outcomes for cancer patients. Genmab's deep expertise in antibody drug development and commercialization makes this a compelling union that will allow us to rapidly develop and realize the full potential of our ADC therapies to benefit patients," said Baiteng Zhao, Ph.D., ProfoundBio's co-founder, Chief Executive Officer and Chairman of the Board.

Details of the Transaction

The proposed transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the first half of 2024. The closing of the proposed transaction is subject to the satisfaction of customary closing conditions.

Following today's announcement, Genmab's operating expenses before expenses incurred by it in connection with the proposed transaction are now anticipated to be at or moderately above the upper end of the previously disclosed guidance range of DKK 12.4 -13.4 billion. The anticipated increase reflects the incremental R&D investment to support the advancement of ProfoundBio's clinical programs, primarily Rina-S. Genmab's revenue guidance is unchanged and expected to be in the previously disclosed guidance range of DKK 18.7 – 20.5 billion. We expect to update our guidance no later than in connection with Genmab's second quarter 2024 earnings.

Goldman Sachs International is acting as sole financial advisor to Genmab in this transaction and Shearman & Sterling LLP, Simmons & Simmons LLP and Kromann Reumert are its legal advisors.

BofA Securities, Inc. and Morgan Stanley & Co. LLC are acting as financial advisors to ProfoundBio in this transaction and Cooley LLP, Travers Thorp Alberga and Jun He Law Offices are its legal advisors.

Conference Call Details

Genmab will hold a conference call to discuss the transaction today, April 3 at 1:00 PM CEST / 12:00 PM BST / 7:00 AM EDT. To join the call please use the following registration link: https://register.vevent.com/register/BI9da0549848d848cdaa4b6cd96079bafd. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN. To listen to a live webcast of the call please use the following link: https://edge.media-server.com/mmc/p/fxctprh2. An archive of the webcast and relevant slides will be available at https://www.Genmab.com/investors/.



About Genmab

Genmab is an international biotechnology company with a core purpose guiding its unstoppable team to strive towards improving the lives of patients through innovative and differentiated antibody therapeutics. For 25 years, its passionate, innovative and collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative, and data sciences, resulting in a proprietary pipeline including bispecific T-cell engagers, next-generation immune checkpoint modulators, effector function enhanced antibodies, and antibody-drug conjugates. To help develop and deliver novel antibody therapies to patients, Genmab has formed 20+ strategic partnerships with biotechnology and pharmaceutical companies. By 2030, Genmab's vision is to transform the lives of people with cancer and other serious diseases with knock-your-socks-off (KYSO®) antibody medicines.

Established in 1999, Genmab is headquartered in Copenhagen, Denmark with locations in Utrecht, the Netherlands, Princeton, New Jersey, U.S., and Tokyo, Japan. For more information, please visit Genmab.com and follow us on LinkedIn and X.

About ProfoundBio

ProfoundBio is a clinical-stage biotechnology company focused on the development of novel antibody-based therapeutics for patients with cancer. Built on internally developed, innovative, and proprietary technology platforms, ProfoundBio has developed a pipeline consisting of multiple ADC drug candidates targeting solid tumors and hematological malignancies. The company's disclosed development pipeline consists of rinatabart sesutecan (Rina-S; PRO1184), an ADC targeting FRα; PRO1160, an ADC targeting CD70; PRO1107, an ADC targeting PTK7; and PRO1286, a bispecific ADC targeting EGFR and cMET. ProfoundBio is headquartered in Seattle, Washington with an R&D center of innovation in Suzhou, China.

Contacts:        

Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs

T: +1 609 524 0065; E: mmp@genmab.com

Andrew Carlsen, Vice President, Head of Investor Relations

T: +45 3377 9558; E: acn@genmab.com



This Company Announcement contains forward looking statements. The words "believe," "expect," "anticipate," "intend" and "plan" and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth or to realize the anticipated benefits of acquisitions, including of ProfoundBio, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab's most recent financial reports, which are available on www.genmab.com and the risk factors included in Genmab's most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.



Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®, HexElect® and KYSO®.

Company Announcement no. 26

CVR no. 2102 3884

LEI Code 529900MTJPDPE4MHJ122

Genmab A/S

Carl Jacobsens Vej 30

2500 Valby

Denmark

Attachment



Primary Logo

Get the next $GMAB alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$GMAB

DatePrice TargetRatingAnalyst
4/1/2025Mkt Perform → Underperform
Bernstein
3/11/2025Mkt Perform → Outperform
William Blair
2/13/2025$27.00Market Perform → Outperform
Leerink Partners
10/8/2024Buy
Redburn Atlantic
9/4/2024$31.00Equal-Weight
Morgan Stanley
8/20/2024Overweight → Neutral
JP Morgan
7/15/2024Sector Perform → Outperform
RBC Capital Mkts
2/23/2024$46.00 → $48.00Market Perform → Outperform
BMO Capital Markets
More analyst ratings

$GMAB
Press Releases

Fastest customizable press release news feed in the world

See more
  • TIVDAK® (tisotumab vedotin) Approved by European Commission for Previously Treated Recurrent or Metastatic Cervical Cancer

    TIVDAK® is the first and only antibody-drug conjugate (ADC) approved to treat recurrent or metastatic cervical cancer with disease progression on or after systemic therapy In the global Phase 3 innovaTV 301 clinical trial TIVDAK demonstrated superior overall survival compared to chemotherapy TIVDAK is approved for the treatment of recurrent or metastatic cervical cancer in the European Union, United States and Japan Genmab A/S (NASDAQ:GMAB) announced today that the European Commission (EC) has granted marketing authorization for TIVDAK® (tisotumab vedotin), an antibody-drug conjugate (ADC), as monotherapy treatment for adult patients with recurrent or metastatic cervical cancer with

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care
  • TIVDAK® (tisotumab vedotin) Approved by Japan Ministry of Health, Labour and Welfare for the Treatment of Advanced or Recurrent Cervical Cancer that has Progressed on or after Chemotherapy

    TIVDAK® is the first and only antibody-drug conjugate (ADC) approved for patients with advanced or recurrent cervical cancer in Japan Approval is based on results from the global Phase 3 innovaTV 301 trial, in which TIVDAK demonstrated superior overall survival compared to chemotherapy Rising cervical cancer incidence and mortality rates in Japan signify need for new treatment options Genmab A/S (NASDAQ:GMAB) today announced that the Japan Ministry of Health, Labour and Welfare has approved TIVDAK® (tisotumab vedotin) for the treatment of advanced or recurrent cervical cancer that has progressed on or after cancer chemotherapy. TIVDAK is the first and only ADC to be approved for peop

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care
  • Genmab to Vigorously Defend Alleged Claims of Trade Secret Misappropriation by AbbVie Inc.

    Company Announcement AbbVie Inc. files complaint against Genmab in the U.S. District Court for the Western District of Washington (Seattle)Genmab categorically refutes allegations and will vigorously defend the company COPENHAGEN, Denmark; March 22, 2025 – Genmab A/S (NASDAQ:GMAB) announced today thatAbbVie Inc. (AbbVie) has filed a complaint in the U.S. District Court for the Western District of Washington (Seattle) naming Genmab A/S; ProfoundBio US Co.; ProfoundBio (Suzhou) Co., Ltd.; and former AbbVie employees as defendants. AbbVie alleges that the defendants have misappropriated AbbVie's alleged trade secrets relating to the use of disaccharides to improve the hydrophilicity of dr

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care

$GMAB
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$GMAB
SEC Filings

See more

$GMAB
Leadership Updates

Live Leadership Updates

See more
  • Genmab Announces Appointment of Tahamtan Ahmadi to Newly Created Position of Chief Medical Officer, Head of Experimental Medicines

    Company Announcement COPENHAGEN, Denmark; February 22, 2021 – Genmab A/S (Nasdaq: GMAB) announced today that Tahamtan Ahmadi, M.D., Ph.D., has been appointed to the newly created position of Executive Vice President and Chief Medical Officer, Head of Experimental Medicines effective March 1, 2021. Dr. Tahi Ahmadi joined Genmab in 2017 and previously served as Genmab’s Senior Vice President, Head of Oncology. In this new role, Dr. Ahmadi will lead research, discovery, regulatory and medical activities. He joins the Executive Management Team of Chief Executive Officer Dr. Jan van de Winkel, Chief Development Officer Dr. Judith Klimovsky, Chief Financial Officer Anthony Pagano, and Chief Opera

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care

$GMAB
Financials

Live finance-specific insights

See more
  • Genmab Announces Johnson & Johnson Decision Regarding HexaBody®-CD38

    Johnson & Johnson has decided that it will not exercise its option to receive a worldwide license to develop, manufacture and commercialize HexaBody-CD38 Genmab will not pursue further clinical development of HexaBody-CD38 Data validates clinical potential of the HexaBody platform Genmab to host a conference call today at 5:00 PM CET / 4:00 PM GMT / 12:00 PM EDT Genmab A/S (NASDAQ:GMAB) announced today that Johnson & Johnson (J&J) has decided that it will not exercise its option to receive a worldwide license to develop, manufacture and commercialize HexaBody-CD38 (GEN3014). While the initial HexaBody-CD38 clinical data is promising and showed robust clinical efficacy, following a

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care
  • Genmab Announces Johnson & Johnson Decision Regarding HexaBody®-CD38

    Company Announcement Johnson & Johnson has decided that it will not exercise its option to receive a worldwide license to develop, manufacture and commercialize HexaBody-CD38 Genmab will not pursue further clinical development of HexaBody-CD38Data validates clinical potential of the HexaBody platform Genmab to host a conference call today at 5:00 PM CET / 4:00 PM GMT / 12:00 PM EDT COPENHAGEN, Denmark; March 10, 2025 – Genmab A/S (NASDAQ:GMAB) announced today that Johnson & Johnson (J&J) has decided that it will not exercise its option to receive a worldwide license to develop, manufacture and commercialize HexaBody-CD38 (GEN3014). While the initial HexaBody-CD38 clinical data is promising

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care
  • Genmab Publishes 2024 Annual Report

    Company Announcement COPENHAGEN, Denmark; February 12, 2025 – Genmab A/S (NASDAQ:GMAB) announced today the publication of its Annual Report for 2024. Below is a summary of business progress in 2024, financial performance for the year and the financial outlook for 2025. The full report is attached as a PDF file and in iXBRL format and can be found in the investor section of the company's website, www.genmab.com/investor-relations. Conference CallGenmab will hold a conference call to discuss the full year results for 2024 today, February 12, 2025, at 6:00 pm CET, 5:00 pm GMT, 12:00 pm EST. To join the call please use the below registration link. Registered participants will receive an email

    $GMAB
    Biotechnology: Pharmaceutical Preparations
    Health Care

$GMAB
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more