AbbVie has agreed to acquire ImmunoGen, a Waltham, Massachusetts-based bio/pharmaceutical company developing antibody drug conjugates (ADCs), for approximately $10.1 billion. ImmunoGen's commercial product is Elahere (mirvetuximab soravtansine-gynx), an ADC for treating platinum-resistant ovarian cancer. The acquisition accelerates AbbVie's commercial and clinical presence in the solid tumor space. Additionally, ImmunoGen's follow-on pipeline of ADCs further complements AbbVie's ADC platform and existing programs. Under the terms of the transaction, AbbVie will acquire all outstanding shares of ImmunoGen for $31.26 per share in cash. The transaction values ImmunoGen at a total equity value of approximately $10.1 billion. The Boards of Directors of both companies have approved the transaction. This transaction is expected to close in the middle of 2024, subject to ImmunoGen shareholder approval, regulatory approvals, and other customary closing conditions.