ImmunoGen Shares Soar Premarket on Takeover by AbbVie
November 30 2023 - 8:42AM
Dow Jones News
By Colin Kellaher
Shares of ImmunoGen took flight in premarket trading Thursday
after the pharmaceutical company agreed to be acquired by
biopharmaceuticals giant AbbVie at a rich premium.
Under the roughly $10.1 billion deal, AbbVie will pay $31.26 a
share in cash for ImmunoGen, some 95% above Wednesday's closing
price and more than 50% above the stock's 52-week high of $20.69
reached in July.
ImmunoGen shares were recently up 81% to $29.03 in premarket
trading.
The deal is slated to close in the middle of 2024.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 30, 2023 08:27 ET (13:27 GMT)
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