AbbVie acquiring Stemcentrx

AbbVie Inc. (NYSE:ABBV) will acquire Stemcentrx Inc. (South San Francisco, Calif.) for about $5.8 billion in upfront cash and stock. The deal gives AbbVie Rova-T rovalpituzumab tesirine, which is in the registrational Phase II TRINITY trial as a third-line therapy for small cell lung cancer (SCLC). AbbVie expects enrollment in the study to be complete by YE16, and hopes Rova-T can reach the market by 2018.

Stemcentrx shareholders are eligible for an additional $4 billion in milestones. AbbVie said the company was valued at $5 billion at the time of its last private round. ...