Genmab, an organization whose antibodies are a part of medicine commercialized and in improvement within the arms of companions throughout the biopharmaceutical trade, is build up its personal pipeline with the $1.8 billion acquisition of ProfoundBio. The deal introduced Wednesday brings Genmab three clinical-stage antibody drug conjugates, or ADCs, probably the most superior of which might compete towards an AbbVie drug projected to change into a blockbuster vendor.
Privately held ProfoundBio is one in every of a rising variety of corporations creating ADCs, which chemically hyperlink a poisonous drug payload to an antibody to supply focused supply of the remedy to tumors. The Seattle-based firm develops its ADCs with a linker know-how that permits the next drug to antibody ratio, growing the remedy’s efficiency whereas sustaining different properties, reminiscent of its security profile.
Lead ProfoundBio program rinatabart sesutecan, or Rina-S, targets folate receptor alpha. This ADC is at the moment being evaluated within the Part 2 portion of a pivotal Part 1/2 research in ovarian most cancers. Folate receptor alpha can be the goal of Elahere, a drug developed by ImmunoGen that in 2022 turned the primary ADC permitted for ovarian most cancers. Elahere was the centerpiece of AbbVie’s $10.1 billion acquisition of ImmunoGen final 12 months. The drug’s label carries a black field warning relating to the chance visible impairment, corneal harm, and different eye issues. Rina-S has not proven any corneal toxicity, in line with preliminary outcomes from the dose-escalation portion of the research that had been offered final fall throughout the annual assembly of the Society of Immunotherapy for Most cancers (SITC).
In a observe despatched to buyers, Leerink Companions analyst Jonathan Chang wrote that ProfoundBio’s Rina-S may very well be best-in-class amongst folate receptor alpha-targeting ADCs, providing the potential to broaden the addressable affected person inhabitants whereas additionally providing higher security than Elahere. Referencing the SITC information, Chang highlighted a 38% general response fee throughout all doses in ovarian and endometrial most cancers sufferers in addition to a 67% general response fee amongst sufferers with folate receptor alpha expression higher than 1%. As a result of Elahere’s FDA approval covers the therapy of sufferers who categorical excessive ranges of the goal protein, Rina-S could provide a therapy choice for sufferers with low folate receptor alpha ranges.
“The danger is that the acquisition is predicated on comparatively restricted scientific information up to now though administration indicated that that they had entry to non-publicly out there information,” Chang stated. “We view this transaction as including a formidable competitor to this house given [Genmab’s] monitor document of well timed and aggressive scientific improvement.”
Copenhagen-based Genmab already has a presence in ADCs by means of companions. Tivdak, a drug developed with an antibody from Genmab and ADC know-how from Seagen (now a part of Pfizer), gained FDA approval in 2021 for treating superior cervical most cancers. The 2 corporations share within the commercialization of this drug, which is Genmab’s first permitted product. Genmab additionally information income from Epkinly, a bispecific antibody permitted final 12 months for cervical most cancers and commercialized below a partnership with AbbVie.
Genmab will get the vast majority of its income from royalties paid by corporations which have commercialized medicine using its antibodies. A single drug, the Johnson & Johnson a number of myeloma remedy Darzalex, accounted for 68% of 2023 income, in line with the corporate’s annual report. Whereas that royalty income continues to develop, Genmab’s technique consists of creating medicine by itself and with companions. The Genmab pipeline spans 9 packages in numerous phases of improvement for each stable tumors and blood cancers.
ProfoundBio, led by veterans of the ADC specialist Seagen, raised its preliminary funding in 2021. Its most up-to-date financing was a $112 million Sequence B financing in February. ADCs proceed to be a sizzling drug class for dealmaking. Gilead Sciences gained the ADC Trodelvy by way of an acquisition. AstraZeneca’s collaboration with Daiichi Sankyo led to a number of approvals for the ADC Enhertu. The Japanese drugmaker additionally has an alliance with Merck. Ipsen joined the ADC combine this week, licensing a Sutro Biopharma drug candidate. Startups that lately raised cash for ADC R&D embrace Tubulis and Firefly Bio.
Genmab’s acquisition of ProfoundBio is a money deal. The boards of each corporations have permitted the transaction, which is anticipated to shut by the top of June.
“We imagine that ProfoundBio’s ADC candidates, proprietary know-how platforms and proficient group shall be an incredible addition to Genmab and that, collectively, we will speed up the event of progressive, differentiated antibody therapies for most cancers sufferers,” Genmab President and CEO Jan van de Winkel stated in a ready assertion.
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