Biotech Stocks Rally After $10.1 Billion ImmunoGen Buyout
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.
Tweet on Biotech stock fluctuation
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.
- Immunogen Inc.
- IMGN (U.S.: Nasdaq)
- $29.39 USD13.3483.03%
- Nasdaq Biotechnology Index
- NBI (Nasdaq)
- 3865.5648.161.26%
- SPDR S&P Biotech ETF
- XBI (U.S.: NYSE Arca)
- $75.79 USD1.942.63%
- AbbVie Inc.
- ABBV (U.S.: NYSE)
- $141.76 USD3.262.35%
