AbbVie Has High Hopes for ImmunoGens Elahere -- Market Talk
AbbVie says ImmunoGen's Elahere cancer therapy is a derisked asset that represents the most substantial component of its $10 billion deal value. ImmunoGen generated more than $105 million 3Q sales for Elahere, which won FDA approval late last year for platinum-resistant ovarian cancer.
AbbVie says Elahere's rapid uptake and strong launch trajectory in its first year represents one of the most successful new product launches in oncology. AbbVie says it expects Elahere sales to grow steadily in its initial indication and to begin rising significantly in 2030 and beyond following development in larger segments of the ovarian cancer market.
AbbVie notes the deal ascribes modest value to the rest of ImmunoGen's pipeline given early stages of development. AbbVie rises 1% to $139.78; ImmunoGen rockets 80% to $29.04.