ProfoundBio, a Seattle ADC company with an R&D facility in Suzhou, will be acquired by Copenhagen’s Genmab A/S (GMAB) in a $1.8 billion all-cash deal (see story). The acquisition will expand Genmab’s drug portfolio, including three ProfoundBio clinical-stage ADC candidates for solid tumors. The company’s three clinical-stage assets target ovarian cancer and other FRα-expressing solid tumors. A privately owned company, ProfoundBio raised $112 million in a B Round financing earlier this year. ProfoundBio is led by CEO Baiteng Zhao, a former associate director at Seagen, a Seattle ADC company that was acquired by Pfizer for $43 billion in 2023.