03:21 AM EDT, 04/03/2024 (MT Newswires) -- Genmab ( GMAB ) agreed to acquire privately owned biotechnology company ProfoundBio in an all-cash deal worth $1.8 billion, the companies said in a joint statement on Wednesday.

The acquisition will give Genmab ( GMAB ) worldwide rights to ProfoundBio's portfolio of antibody-drug conjugates, comprising three candidates in clinical development, including rinatabart sesutecan, or Rina-S, for the treatment of ovarian cancer. The company said the addition of Rina-S will boost its gynecologic portfolio and establish a "firm foundation" in solid tumors.

The deal is expected to complete in H1 2024, subject to customary closing conditions.

Genmab ( GMAB ) now expects its full-year 2024 operating expenses before costs incurred related to the proposed transaction to be at or "moderately above" the upper end of its previously disclosed outlook range of 12.4 billion Danish kroner ($1.79 billion) to 13.4 billion kroner ($1.94 billion).

The company continues to anticipate revenue of 18.7 billion kroner to 20.5 billion kroner for the year.