BioPharma Buyout Targets (BBT): ImmunoGen (IMGN) Presents an Interesting Path to ADC Leadership
A profile of ImmunoGen, understanding its core product's potential, strategic rationale behind it as a buyout target, and proposing some potential acquirers.
I’m kicking off a “BioPharma Buyout Targets” (BBT) series where I take a look at intriguing acquisition targets for Big BioPharma players. One consistent theme across the last earnings season was how large companies are managing upcoming patent cliffs. A key focus of this effort is M&A, and from the earnings calls, a salient theme in this department is a focus by BigCos to unlock capital and maneuver to bring in late-stage de-risked assets that have the opportunity to add near-term revenue. While it feels like much of the recent deal activity and rumors in this category has been focused outside of Oncology, I do think Oncology is getting slightly overlooked. For the first tranche of companies I explore in this series, I want to focus on late(r)-stage oncology players and then eventually branch out to other TAs. We’ll begin the inaugural edition of this series with ImmunoGen.
🏠 Housekeeping: Moving to a Paid Subscriber Model Starting Next Week
Before we get into the ImmunoGen case, I wanted to make a quick announcement about future access to Big Pharma Sharma. As you know, BPS has been free for the first 1-month plus as I was finding a rhythm with delivering analyses to my loyal readers. This has truly been a rewarding experience, getting to engage with so many of you over this platform, and I’ve been overwhelmed by the loyal following I’ve received in that timeframe.
I’m equally excited to be moving BPS to its next phase, as a paid newsletter. The short of it is that continued access to my content will stop for free subscribers starting next week (Monday, August 21st). To keep access to future and past content, I encourage you to become a paid subscriber to continue supporting my work. The cost structure is fairly straightforward. It’s only $48 per month or $480 per year ($40/month or $1.33/day). I hope that you’ve derived benefit from my work thus far, and if you choose to stick with me via a paid subscription (either as something you expense through your business/employer or out of your own pocket), I promise to continue delivering value to your work and interest in our industry.
You can learn more about the pricing model here, how/why I’ve decided to price BPS this way, and comparables that I looked at. You can also learn more about a forthcoming Pro/Industry Tier subscription that will enable you to get even more value out of my work, but more on that at a later date.