GenMab A/S to acquire ProfoundBio and with it Rina-S, an FRalpha ADC, to treat ovarian cancer

ProfoundBio is a privately-owned clinical-stage biotechnology company developing next-generation ADCs and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRalpha-expressing solid tumors. Genmab will acquire ProfoundBio for $ 1.8 billion in cash, payable at closing (subject to adjustment for ProfoundBio’s closing net debt and transaction expenses). The transaction will further broaden Genmab’s mid- to late-stage clinical pipeline and strengthen and complement Genmab’s already validated suite of proprietary technology platforms. The acquisition will give Genmab worldwide rights to ProfoundBio’s portfolio of next-generation ADCs, which consists of three clinical and multiple preclinical programs including Rina-S, a potential best-in-class, clinical-stage, FRalpha-targeted, Topo1 ADC, currently in Phase II of a Phase 1/II clinical trial, for the treatment of ovarian cancer and other FRalpha-expressing solid tumors. In addition, the combination of ProfoundBio’s novel ADC technology platforms with Genmab’s proprietary antibody platforms will potentially create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve the lives of patients. The addition of Rina-S to Genmab’s portfolio will enable Genmab to deepen its presence in the gynecologic oncology space and establish a firm foundation in solid tumors. As a potential best-in-class ADC, Rina-S aims to address a broader patient population than first-generation FRalpha-targeted ADCs. Based on the data from the ongoing Phase 1/II clinical trial Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRalpha-expressing solid tumors.