Genmab acquires ProfoundBio in $1.8bn deal

In April 2024, Genmab and ProfoundBio finalized an acquisition agreement, culminating in Genmab's purchase of ProfoundBio for $1.8 billion in cash. This acquisition, first publicly announced earlier in the year, marks a significant step for Genmab in enhancing its capabilities in cancer treatment.

ProfoundBio is a clinical-stage biotechnology firm known for its development of antibody-drug conjugates (ADCs) and related technologies specifically geared towards cancer therapy. With this acquisition, Genmab gains global rights to ProfoundBio’s advanced ADC portfolio, thereby enriching its clinical pipeline significantly.

One of the critical assets in ProfoundBio’s portfolio is Rina-S, an ADC currently under investigation in a Phase I/II clinical trial targeting ovarian cancer and other solid tumors that express the folate receptor alpha (FRα). Initial data from this ongoing trial suggests that Rina-S has the potential to treat a broader patient population compared to earlier generations of FRα-targeting ADCs. Genmab is planning to further develop Rina-S for ovarian cancer and other FRα-expressing tumors based on these promising findings.

In January 2024, the US Food and Drug Administration (FDA) granted fast-track designation to Rina-S for the treatment of patients with high-grade serous or endometrioid platinum-resistant ovarian cancer that express FRα. This designation underscores the potential impact of Rina-S on addressing unmet medical needs in this challenging cancer subtype.

Beyond Rina-S, the acquisition grants Genmab access to ProfoundBio’s ADC technology platforms. These platforms are expected to complement Genmab’s existing proprietary technologies, potentially leading to the development of groundbreaking new medicines aimed at transforming cancer treatment and improving patient outcomes.

Jan van de Winkel, Genmab’s president and CEO, expressed enthusiasm about the acquisition, stating, “With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented research and development team. We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines.”

Through this acquisition, Genmab aims to leverage ProfoundBio's expertise and technological platforms to push the boundaries of current cancer therapies. This move is aligned with Genmab’s ongoing commitment to advancing cancer treatment and underscores the company’s strategic focus on expanding its oncology portfolio with innovative solutions that hold the promise of better patient outcomes.