Summary by Futu AI
On February 12, 2024, AbbVie Inc. announced the successful completion of its acquisition of ImmunoGen, Inc., a move that adds the flagship antibody-drug conjugate ELAHERE for ovarian cancer to AbbVie's portfolio. The acquisition is expected to be accretive to AbbVie’s earnings per share (EPS) starting in 2027 and is anticipated to contribute significantly to long-term revenue growth. AbbVie has updated its first-quarter adjusted diluted EPS guidance for 2024 to $2.26-$2.30, reflecting a $0.04 per share impact from the acquisition. The full-year adjusted diluted EPS guidance remains at $11.05-$11.25, now including a $0.42 per share impact from both the ImmunoGen and the pending Cerevel Therapeutics acquisitions. ImmunoGen's common stock is expected to cease trading on the NASDAQ prior to market open on February 12, 2024. The acquisition enhances AbbVie's oncology pipeline with ImmunoGen's late-stage development programs and investigational assets, such as IMGN-151 and pivekimab sunirine, which have the potential to transform treatment across various solid tumors and hematologic malignancies.
