Danish biotechnology company Genmab has completed the previously announced acquisition of US-based ProfoundBio in an all-cash transaction valued at $1.8bn.

ProfoundBio is a clinical-stage biotechnology firm focused on advancing next-generation antibody-drug conjugates (ADCs) and ADC technologies to treat cancers.

The deal, which was announced in April, grants Genmab with the global rights to ProfundBio’s portfolio of ADCs, thereby expanding and bolstering its clinical pipeline.

ProfundBio’s programmes include the clinical-stage rinatabart sesutecan (Rina-S), an FRα-targeted Topo1 ADC. It is presently in part 2 of a Phase 1/2 study in ovarian cancer and other FRα-expressing tumours.

Besides, the addition of Rina-S into Genmab’s lineup strengthens the latter’s foothold in gynaecologic oncology and solid tumour treatment.

Based on the Phase 1/2 data, Genmab plans to expand Rina-S’ development within ovarian cancer and other solid tumours expressing FRα.

Earlier this year, Rina-S secured fast track designation from the US Food and Drug Administration (FDA) for the treatment of FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

The deal also provides Genmab access to ProfundBio’s ADC technology platforms, complementing its existing suite of proprietary technology platforms.

According to the Danish pharma firm, the integration of the companies’ technology platforms could open up new opportunities to create and develop innovative medicines, potentially transforming cancer treatment and enhancing patients’ lives.

Genmab president and CEO Jan van de Winkel said: “With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented R&D team.

“We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines.”