Genmab's Strategic Acquisition of ProfoundBio to Expand Cancer Treatment Portfolio and Advance ADC Technology

Genmab, a leading biotechnology company, has finalized the acquisition of ProfoundBio, Inc., a clinical-stage biotech firm specializing in next-generation antibody-drug conjugates (ADCs) and ADC technologies for cancer treatments. The all-cash transaction is valued at USD 1.8 billion, subject to adjustments for ProfoundBio’s closing net debt and transaction expenses. This acquisition marks a pivotal move for Genmab, broadening its oncology portfolio and strengthening its clinical pipeline.

Jan van de Winkel, Ph.D., President and CEO of Genmab, expressed enthusiasm about integrating ProfoundBio’s expertise into Genmab’s research and development team. He anticipates that this merger will unlock new opportunities and advance their mission of transforming patients’ lives with innovative antibody medicines.

The acquisition grants Genmab worldwide rights to ProfoundBio’s portfolio of advanced ADCs. Among the key assets acquired is rinatabart sesutecan (Rina-S), a clinical-stage FRα-targeted Topo1 ADC currently in Phase 1/2 trials. Rina-S is being developed for ovarian cancer and other FRα-expressing solid tumors. The inclusion of Rina-S in Genmab’s portfolio is expected to enhance their presence in gynecologic oncology and establish a solid foundation in treating solid tumors. Data from ongoing clinical trials suggest that Rina-S has the potential to serve a broader patient population compared to first-generation FRα-targeted ADCs. Genmab plans to expand its development efforts for Rina-S in ovarian cancer and other FRα-expressing tumors. Notably, the U.S. FDA granted Fast Track designation to Rina-S in January 2024 for treating patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

Additionally, Genmab gains access to ProfoundBio’s novel ADC technology platforms. These platforms complement Genmab’s existing proprietary technology suite, potentially enabling the creation and development of new cancer treatments. The synergy between the two companies’ technologies is expected to foster the development of innovative medicines aimed at improving cancer treatment outcomes.

Following the acquisition, Genmab’s operating expenses are projected to be at or slightly above the upper end of its previously disclosed guidance range of DKK 12.4 - 13.4 billion. This increase is primarily due to the additional R&D investments required to advance ProfoundBio’s clinical programs, particularly Rina-S. However, Genmab’s revenue guidance remains unchanged and is expected to fall within the previously disclosed range of DKK 18.7 – 20.5 billion. The company plans to update its financial guidance in conjunction with its second-quarter 2024 earnings report.

Genmab, founded in 1999, is headquartered in Copenhagen, Denmark, and has a significant international presence across North America, Europe, and Asia Pacific. For the past 25 years, Genmab has been dedicated to developing next-generation antibody therapeutics, leveraging its innovative technology platforms and scientific expertise. The company’s proprietary pipeline includes bispecific T-cell engagers, ADCs, next-generation immune checkpoint modulators, and antibodies with enhanced effector functions. Genmab aims to revolutionize cancer treatment and address other serious diseases with its advanced antibody medicines by 2030.

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