AbbVie Spends $10bn On ImmunoGen To Improve Chances In ADC Space
Despite writing down $4bn after the failure of Stemcentrx’s Rova-T, AbbVie will bet big again on the cancer antibody-drug conjugate space by paying a high premium for ImmunoGen, including Elahere and its R&D potential.
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As previously indicated, AbbVie will go with an internal candidate, president and COO Robert Michael, to succeed Richard Gonzalez as CEO. The company has recently positioned Michael prominently.
AbbVie may look to an internal successor to Rick Gonzalez once he is satisfied the company is back on a growth trajectory. Skyrizi and Rinvoq continue meteoric growth, with increased sales projections.
At the J.P. Morgan conference, AbbVie president Robert Michael said the company must effectively integrate ImmunoGen and Cerevel, which it expects to drive long-term growth.