Inactive Instrument

ImmunoGen, Inc.

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IMGN

US45253H1014

Biotechnology & Medical Research

BioPharma Credit gets USD50.6 million from Abbvie's ImmunoGen purchase

February 13, 2024 at 05:14 am EST

(Alliance News) - BioPharma Credit PLC on Tuesday noted Abbvie Inc's completed acquisition of ImmunoGen Inc.

BioPharma Credit is a London-based closed-ended investment company.

It said it has received USD50.6 million in total, including USD13.1 million of accrued interest, as a result of the transaction.

This comes after BioPharma Credit invested in a senior secured loan to ImmunoGen of up to USD62.5 million in up to two tranches last April.

The investment firm's announcement follows a statement from Chicago, Illinois-based pharmaceutical company, AbbVie on Monday in which it stated it had completed the acquisition of ImmunoGen, adding flagship antibody-drug conjugate Elahere for ovarian cancer to its portfolio.

It also reaffirmed its 2024 adjusted diluted earnings per share guidance range of USD11.05 to USD11.25 which now includes a USD0.42 per share dilutive impact related to the ImmunoGen acquisition and the pending Cerevel Therapeutics acquisition.

It also revised its first-quarter adjusted diluted EPS guidance range from between USD2.30 and USD2.34 to between USD2.26 and USD2.30, which includes a USD0.04 per share dilutive impact related to the ImmunoGen acquisition.

In November, AbbVie had announced the USD10.1 billion acquisition of ImmunoGen, worth USD31.26 per share. ImmunoGen is a Massachusetts, US-based biotechnology firm.

Shares in BioPharma were untraded at 73.20 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
ABBVIE INC.	159.6 USD	-4.58%	-4.08%	283B
CEREVEL THERAPEUTICS HOLDINGS, INC.	42.47 USD	+0.95%	+0.62%	7.71B
BIOPHARMA CREDIT PLC	0.878 USD	+0.23%	+0.23%	1.08B

Latest news about ImmunoGen, Inc.

AbbVie CEO to Retire; COO Robert Michael Named Successor	Feb. 20	MT
BioPharma Credit gets USD50.6 million from Abbvie's ImmunoGen purchase	Feb. 13	AN
Biopharma Credit Secures $51 Million Loan Repayment from US Biotech ImmunoGen	Feb. 13	MT
ImmunoGen, Inc.(NasdaqGS:IMGN) dropped from S&P Global BMI Index	Feb. 12	CI
ImmunoGen, Inc.(NasdaqGS:IMGN) dropped from S&P TMI Index	Feb. 12	CI
ImmunoGen, Inc.(NasdaqGS:IMGN) dropped from S&P Biotechnology Select Industry Index	Feb. 12	CI
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AbbVie Completes $10.1 Billion Acquisition of ImmunoGen, Lowers Q1 Adjusted EPS Guidance	Feb. 12	MT
AbbVie Acquires ImmunoGen for $31.26 per Share	Feb. 12	MT
AbbVie: acquisition of ImmunoGen finalized	Feb. 12	CF
Immunogen, Inc. Announces Board Changes	Feb. 12	CI
ImmunoGen, Inc.(NasdaqGS:IMGN) dropped from NASDAQ Composite Index	Feb. 11	CI
AbbVie Inc. completed the acquisition of ImmunoGen, Inc. from Redmile Group, LLC, RA Capital Management, L.P., BlackRock, Inc., State Street Corporation, The Vanguard Group, Inc. and others.	Feb. 11	CI
ImmunoGen, Inc.(NasdaqGS:IMGN) dropped from NASDAQ Biotechnology Index	Feb. 08	CI
ImmunoGen Insider Sold Shares Worth $352,391, According to a Recent SEC Filing	Feb. 07	MT
ImmunoGen Insider Sold Shares Worth $588,733, According to a Recent SEC Filing	Feb. 07	MT
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Immunogen Insider Sold Shares Worth $5,562,450, According to a Recent SEC Filing	Jan. 19	MT
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Company Profile

ImmunoGen, Inc. is a commercial-stage biotechnology company. The Company is focused on developing and commercializing of antibody- drug conjugates (ADCs) to improve outcomes for cancer patients. An ADC with the Company's technology comprises an antibody that binds to a target found on tumor cells and is conjugated to one of its potent anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target. Its ELAHERE (Mirvetuximab Soravtansine) is a first-in-class ADC targeting folate receptor alpha (FRa), a cell-surface protein over-expressed in a number of epithelial tumors, including ovarian, endometrial, and non-small-cell lung cancers. Its Pivekimab sunirine (PVEK), is an ADC comprised of a high-affinity antibody designed to target CD123 with site-specific conjugation. The Company is advancing PVEK in clinical trials for patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN) and acute myeloid leukemia (AML).

Sector

Biotechnology & Medical Research

Calendar

2024-05-02 - Q1 2024 Earnings Release (Projected)

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