AbbVie will pay around $10 billion to add a potential blockbuster cancer treatment as cheaper versions of the drugmaker’s all-time best seller, Humira, cut into sales.
But company leaders cautioned Thursday that a return on the deal they announced for drug developer ImmunoGen will take time to develop.
The deal delivers Elahere, an ImmunoGen ovarian cancer treatment that AbbVie says could eventually reap billions of dollars in annual sales and drive long-term revenue growth.
AbbVie has been dealing this year with cheaper competition for its top seller, the autoimmune disease treatment Humira.
AbbVie and ImmunoGen said Thursday that the boards of both companies have approved the transaction.
Persons:
AbbVie, Elahere, Humira, ImmunoGen
Organizations:
Food and Drug Administration, Inc
Locations:
U.S, Waltham , Massachusetts, Chicago , Illinois