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AbbVie, a pharmaceutical company based in North Chicago, has announced its decision to acquire ImmunoGen for $10.1 billion in cash. This acquisition will allow AbbVie to enter the market for treating solid tumors with the help of ImmunoGen’s promising “guided missile” cancer therapies.

The deal involves AbbVie paying $31.26 per share in cash for Immunogen, which is almost double its recent trading price. The focus of this agreement is on Elahere, an Immunogen product that received FDA approval for advanced ovarian cancer treatment in 2022.

Elahere belongs to a new class of treatments known as antibody-drug conjugates (ADC), which specifically target cancer cells and have the potential to reduce toxicity towards other cells. In the third quarter of this year alone, Elahere generated revenue worth $105.2 million – almost all of ImmunoGen’s total sales.

With this acquisition, AbbVie aims to accelerate its entry into the market for treating solid tumors and establish itself as a leading player in this field.