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)

Copyright (c) 2023 Dow Jones & Company, Inc.
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