Biotech stocks jump on AbbVie deal to buy cancer drugmaker ImmunoGen for $10 billion
Publishing timestamp: 2023-11-30 12:29:13
Summary
AbbVie plans to buy cancer drug developer ImmunoGen for $10 billion, causing biotech stocks to rise. ImmunoGen's shares jumped over 80%, while AbbVie's stock rose over 2%. Other biotech companies developing antibody-drug conjugates (ADCs) also saw their shares rise. The deal reflects the increasing interest in ADCs among large biopharma companies.
Sentiment: POSITIVE
Tickers: SGEN, ABBV, MRSN, IMGN, MRK, PFE, .NBI, XBI, STRO, ADCT,
Keywords: biotech and pharmaceuticals, business news, immunogen inc, merck & co inc, biotechnology, adc therapeutics sa, breaking news, pharmaceuticals, health care industry, business, abbvie inc, nasdaq biotechnology index, pfizer inc, spdr s&p biotech etf, seagen inc, mersana therapeutics inc,