Shares of ImmunoGen (IMGN), a biotechnology company focused on cancer treatments, surged Thursday afternoon on news that pharmaceutical giant AbbVie (ABBV) plans to acquire the company in a deal valued around $10 billion. Yahoo Finance's Diane King Hall and Josh Lipton break down the details of the deal. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The big asset buy in the healthcare industry provided a healthy pop to the two companies involved on Thursday. The stock price of the buyer, sector mainstay AbbVie (NYSE: ABBV), enjoyed a nearly 3% lift after the news was announced, contrasting quite favorably to the sagging S&P 500 index's 0.7% slip. Before market open that day, AbbVie and ImmunoGen (NASDAQ: IMGN) announced in a joint press release that the former company is to acquire the latter.
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