ProfoundBio, a Seattle-based biotech firm developing drugs to treat ovarian and endometrial cancers, will be acquired by publicly traded Danish drugmaker Genmab in a $1.8 billion all-cash deal expected to close in the first half of this year, the companies announced Wednesday.
- ProfoundBio, which is headquartered in Seattle and has a R&D center in China, specializes in antibody-drug conjugates (ADCs), agents that recognize a molecular target via an antibody and deliver a toxin or other compound to cells. It has three clinical-stage ADC candidates, including one that could compete against a drug from AbbVie.
- The company earlier this year announced a $112 million investment from investors including Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed.
- ProfoundBio is led by CEO Baiteng Zhao, a former associate director at Seagen, a Seattle-area ADC pioneer that was acquired by Pfizer in a $43 billion deal last year.
