Genmab Buys ProfoundBio for $1.8B to Boost Oncology Portfolio

KEY TAKEAWAYSDanish drugmaker Genmab said Wednesday that it is buying privately held U.S. biotech firm ProfoundBio for $1.8 billion in cash as it expands its pipeline of cancer treatments.The takeover will give Genmab access to a portfolio of next-generation antibody-drug conjugates, or ADCs, including one to treat ovarian cancer.Genmab's planned purchase comes as a spate of drug giants expand their focus on boosting their portfolios of drugs to treat cancer. Danish drugmaker Genmab A/S (GMAB) said Wednesda ...