Pharmaceutical company AbbVie bought Immunogen in a deal worth $10.1 billion.

AbbVie is buying Immunogen in a deal worth about $10.1 billion with the goal of accelerating the pharmaceutical's entry into the commercial market for ovarian cancer.

Immunogen Inc. Ovarian cancer treatment near Elahere.

"The acquisition of Immunogen reflects our commitment to delivering on our long-term growth strategy and allows AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies," AbbVie Chairman and CEO Richard Gonzalez said in a statement Thursday. make capable."

AbbVie will pay $31.26 per share in cash for each Immunogen share.

The boards of both companies have approved the transaction, which is expected to close in mid-2024. It still requires approval from Immunogen shareholders.

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Shares of Immunogen rose more than 82% before the market opened, while AbbVie's stock fell slightly.

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