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Summary
- Cancer treatment maker ProfoundBio announced it will be purchased by Denmark’s Genmab for $1.8 billion.
- The deal is the fourth acquisition of a China-related innovative drugmaker by a foreign company in the last four months.
- The deal comes just two months after ProfoundBio announced it raised $112 million in its B-series funding.
The company has become the latest in a recent string of China-related innovative drug makers to be purchased by larger foreign buyers.
After years of trying to go it alone, innovative Chinese drug makers may finally be starting to realize it’s much easier to have a wealthy parent to look after your finances. The latest company making that discovery is ProfoundBio Inc., which last week announced it would be acquired by Danish firm Genmab A/S (GMAB) for $1.8 billion in cash.
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