January has seen a slew of executive hires, promotions and layoffs across the healthcare industry. For example, health tech companies like Medtronic and athenahealth hired new C-suite leaders, and providers like Cleveland Clinic and Jefferson Health announced rounds of job cuts.
Antibody specialist Genmab makes most of its money from drugs developed and commercialized by partners. Acquiring ProfoundBio brings antibody drug conjugates that Genmab can develop on its own as it continues diversifying its business beyond strategic alliances.
Discover what tools are essential for efficient, safe surgical extractions in today’s health care landscape, from elevators to forceps and beyond.
The Seagen and Genmab antibody drug conjugate (ADC), named Tivdak, is approved to treat cases of cervical cancer that have returned or spread following treatment with chemotherapy. Tivdak is Seagen’s third ADC; for Genmab, the drug will become its first commercialized product.
The deal, which includes a hefty $750 million upfront payment to Genmab, focuses on bispecific antibodies and also a drug discovery research partnership.
The company, whose FDA-approved products include the myeloma drug Darzalex and the chronic leukemia drug Arzerra, hopes to launch its own proprietary product by 2025.