Genmab Strengthens Cancer Portfolio with $1.8 Billion ProfoundBio Acquisition

Biotechnology company Genmab has announced a definitive agreement to acquire ProfoundBio, a clinical-stage developer of antibody-drug conjugates (ADCs), in an all-cash transaction valued at USD 1.8 billion. The deal marks a significant expansion of Genmab’s pipeline in oncology, particularly in solid tumors and gynecologic cancer treatments.

Strategic Deal Expands Genmab Pipeline in Oncology

The acquisition will provide Genmab with worldwide rights to ProfoundBio’s clinical programs, headlined by rinatabart sesutecan (Rina-S), a next-generation Topo1 ADC currently in Phase 2 development. Rina-S targets folate receptor alpha (FRα) and is being evaluated for ovarian cancer and other FRα-expressing solid tumors. The compound received Fast Track designation from the U.S. FDA in January 2024 for patients with platinum-resistant ovarian cancer, accelerating its regulatory pathway.

Beyond Rina-S, the transaction includes two additional clinical candidates and multiple preclinical programs, complementing Genmab’s existing oncology portfolio and technology platforms.

Combining Technology Platforms for Enhanced Development

The deal brings together ProfoundBio’s proprietary ADC technology platforms with Genmab’s validated antibody engineering capabilities. This combination is expected to unlock new opportunities in cancer therapeutics, with potential applications extending beyond ProfoundBio’s current pipeline. The integration will enable Genmab to establish a deeper footprint in gynecologic oncology while creating a foundation for broader solid tumor development.

Jan van de Winkel, President and Chief Executive Officer of Genmab, stated: “This acquisition aligns with our 2030 vision to transform cancer treatment through innovative antibody medicines. ProfoundBio’s talent and technology platforms represent a strategic fit that will accelerate our ability to deliver differentiated therapies to patients.”

Timeline and Financial Guidance

The transaction is expected to close in the first half of 2024, subject to standard closing conditions. Both company boards have unanimously approved the deal. Following the announcement, Genmab increased its operating expense guidance to account for incremental R&D investment supporting ProfoundBio’s clinical programs, particularly Rina-S advancement. Revenue guidance remains unchanged at DKK 18.7-20.5 billion, with updated guidance expected by the second quarter 2024 earnings release.

Strategic Rationale Behind the Move

Rina-S distinguishes itself as a next-generation FRα-targeted ADC designed to address a broader patient population than first-generation alternatives. Based on Phase 1/2 trial data, Genmab plans to expand Rina-S development across multiple ovarian cancer subtypes and other FRα-expressing malignancies. This approach strengthens Genmab’s position in precision oncology and complements its existing pipeline of bispecific T-cell engagers, immune checkpoint modulators, and effector-enhanced antibodies.

The acquisition reflects Genmab’s long-term strategy to build a differentiated pipeline through both internal development and strategic partnerships. The company has established 20+ partnerships with biotech and pharma companies, and this deal represents a significant capital deployment toward pipeline expansion in high-priority therapeutic areas.

Goldman Sachs International, Shearman & Sterling LLP, Simmons & Simmons LLP, and Kromann Reumert advised Genmab on the transaction. BofA Securities and Morgan Stanley served as financial advisors to ProfoundBio, with support from Cooley LLP, Travers Thorp Alberga, and Jun He Law Offices.