Genmab Acquires ProfoundBio for $1.8 Billion | Gaorong Ventures News

On April 3, 2024, Genmab (Nasdaq: GMAB) and ProfoundBio announced that the two companies had reached a definitive agreement under which Genmab would acquire ProfoundBio for $1.8 billion in an all-cash transaction. ProfoundBio is a clinical-stage biotechnology company dedicated to developing next-generation antibody-drug conjugate ("ADC") therapeutics and related technologies for the treatment of ovarian cancer and other folate receptor alpha (FRα)-expressing solid tumors. Gaorong Ventures participated in ProfoundBio's Pre-A and Series A financing rounds in 2021.

This acquisition will give Genmab global rights to ProfoundBio's next-generation ADC candidate portfolio, including three clinical-stage programs and multiple preclinical programs. Among them, Rina-S, a potential best-in-class product currently in clinical trials, is an ADC drug targeting folate receptor alpha (FRα) that has advanced to Phase 2 clinical studies in patients with ovarian cancer and endometrial cancer. Rina-S has been granted Fast Track Designation by the FDA for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

In addition, the combination of ProfoundBio's novel ADC technology platform with Genmab's proprietary antibody platform is expected to help develop new medicines that could transform cancer treatment and improve patients' quality of life.

"The proposed acquisition of ProfoundBio is fully aligned with our long-term strategy and 2030 vision to improve patients' lives through innovative antibody medicines," said Dr. Jan van de Winkel, President and Chief Executive Officer of Genmab. "We believe ProfoundBio's ADC candidates, proprietary technology platform, and deep talent pool will be an important addition to Genmab as we work together to accelerate the development of innovative, differentiated antibody therapies for cancer patients."

"Genmab and our team share a mission to develop innovative therapies to improve outcomes for cancer patients," said Dr. Baiteng Zhao, Co-founder, CEO, and Chairman of ProfoundBio. "Genmab's deep expertise in antibody drug development and commercialization makes this combination compelling and enables us to accelerate development and realize the full potential of ADC therapies for the benefit of patients."

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the first half of 2024.

"In the healthcare sector, Gaorong Ventures has always sought to identify companies with global innovation capabilities and competitive strength, and to accompany them onto the international stage," said Beilin Le, Managing Director at Gaorong Ventures. "Since our investment in ProfoundBio in 2021, we have witnessed the company, under the leadership of Dr. Baiteng Zhao and his team, rapidly advance a series of differentiated product pipelines into clinical development, demonstrating remarkable clinical potential. This acquisition of ProfoundBio by Genmab is a landmark event in the biopharmaceutical industry in recent years, and injects strong confidence into the sector. We are deeply honored to witness this milestone and look forward to the two parties working together for mutual success, bringing differentiated innovative therapies to patients as soon as possible."

About Genmab

Genmab is an international biotechnology company whose core purpose is to improve the lives of patients through innovative and differentiated antibody therapies. For 25 years, its passionate, innovative, and collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative, and data science to build a proprietary pipeline spanning bispecific T-cell engagers, next-generation immune checkpoint modulators, effector function enhanced antibodies, and antibody-drug conjugates. Founded in 1999, Genmab is headquartered in Copenhagen, Denmark, with offices in Utrecht, the Netherlands; Princeton, New Jersey, USA; and Tokyo, Japan.

About ProfoundBio

ProfoundBio is a clinical-stage biotechnology company focused on developing novel antibody-based therapeutics for cancer patients. Based on internally developed innovative and proprietary technology platforms, ProfoundBio has built a pipeline of ADC candidates targeting solid tumors and hematologic malignancies. The company's disclosed development pipeline includes rinatabart sesutecan (Rina-S, PRO1184), an ADC targeting folate receptor alpha (FRα); PRO1160, an ADC targeting CD70; PRO1107, an ADC targeting PTK7; and PRO1286, a bispecific ADC simultaneously targeting two broad-spectrum solid tumor targets.