Danish Biotech Giant Genmab to Acquire ProfoundBio for $1.8 Billion

Danish biotech giant Genmab AS has agreed to acquire ProfoundBio Inc. for a hefty $1.8 billion, in another sign of foreign pharma’s growing interest in Chinese or Chinese-founded biotech firms.

The deal will give Genmab worldwide rights to ProfoundBio’s portfolio of next-generation antibody-drug conjugates (ADCs), which consists of three clinical and multiple preclinical programs, both companies announced Wednesday.