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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.

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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%


Image: Biotech