ImmunoGen's Flagship Cancer Therapy Draws AbbVie's Attention With $10.1B Deal
Portfolio Pulse from Vandana Singh
AbbVie Inc (NYSE:ABBV) is set to acquire ImmunoGen Inc (NASDAQ:IMGN) for approximately $10.1 billion, gaining access to ImmunoGen's flagship cancer therapy Elahere. The transaction, approved by both boards, is expected to close in mid-2024 and be accretive to AbbVie's EPS starting in 2027. ImmunoGen's Q3 sales for Elahere were $105.2 million. ABBV shares rose 2.18%, while IMGN shares surged 81.7%.

November 30, 2023 | 4:30 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
AbbVie's acquisition of ImmunoGen for $10.1 billion is expected to enhance its oncology portfolio and drive long-term revenue growth. The deal is anticipated to be accretive to EPS from 2027.
The acquisition of ImmunoGen is a significant strategic move for AbbVie, indicating a positive outlook for revenue growth and EPS. The market's initial reaction was positive, as reflected in the stock price increase.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
ImmunoGen's shares surged 81.7% following the announcement of its acquisition by AbbVie for $31.26 per share, valuing the company at approximately $10.1 billion.
ImmunoGen's significant share price increase is a direct result of the acquisition announcement, reflecting investor enthusiasm for the deal terms and the premium offered by AbbVie.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100