Biotech Stocks Rally After $10.1 Billion ImmunoGen Buyout

Nov 30, 2023 thejournalbiz

Big pharma’s $10.1 billion deal splash is giving biotech stocks a lift.

AbbVie, plans to buy cancer drug developer ImmunoGen for $31.26 a share in cash, marking about a 95% premium to Immunogen’s closing price on Wednesday.

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Biotech Stocks Rally After $10.1 Billion ImmunoGen Buyout, via @WSJ #biotech #pharma #shares https://t.co/rJCpXfFlxk

— The_Journalbiz (@the_journalbiz) November 30, 2023

WSJ on Immunogen merge

Immunogen shares surged more than 80% shortly after markets opened on Thursday.

Earlier this year, Pfizer agreed to acquire Seagen, a pioneer in ADCs, for $43 billion. Meanwhile, Merck and Daiichi Sankyo recently agreed to jointly develop and commercialize three potential ADCs in a deal worth up to $22 billion. AstraZeneca and Daiichi have reported success treating breast cancer patients with an ADC called Enhertu.

The Nasdaq Biotechnology Index advanced about 1%.

The SPDR S&P Biotech ETF, which focuses on small and midsize biotech companies, popped more than 2%.

AbbVie shares were little changed.