ImmunoGen (IMGN) shares skyrocketed over 80% in early trading Thursday after AbbVie (ABBV) agreed to bu🙈y the rival biotech firm for $10.1 🥂billion to expand its cancer drug portfolio.

The agreement will have AbbVie pay $31.26 per share for ImmunoGen, a whopping 96% premium to the closing price yesterday. The transaction is expected to close in the middle of next year, and AbbVie noted that it expects the deal to be accretive to 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) in 2027.

The acquisition gives AbbVie ImmunoGen’s flagship cancer medicine, Elahere, an antibody-drug conjugate (ADC) to treat platinum-resistant ovarian cancer (PROC). AbbVie noted the move accelerates its commer🎃cial and clinical presence in treatments for solid tumors. The agreement also provides access to ImmunoGen’s pipeline of next-ge📖neration ADCs.

The company explained that ovarian can🍸cer is the leading cause of death from gynecological cancers in the U.S., and Elahere is the first targeted drug shown to boost survival rates for those with PROC.

CEO 𒁏Richard Gomez sꦡaid that the merger has “the potential to transform the standard of care for people living with cancer.”

The news sent shares of ImmunoGen to their highest level in 23 years. AbbVie shares were up as well.