AbbVie to Pay $10.1 Billion for Drugmaker ImmunoGen (Correct)

AbbVie Inc. agreed to acquire ImmunoGen Inc. for a total equity value of $10.1 billion, delivering the biotech company’s Elahere cancer drug to the pharmaceutical giant.

AbbVie will acquire all outstanding shares of ImmunoGen for $31.26 a share in cash, the companies said Thursday in a statement. That’s almost double the stock’s last closing price of $16.06 and higher than it has traded in more than 20 years.

AbbVie shares fell 0.4% in trading before US markets opened. ImmunoGen jumped 81%.

Elahere is an antibody-drug conjugate, a type of therapy that precisely targets tumor cells, allowing stronger doses. The ...