Biotech stocks jump on AbbVie deal to buy cancer drugmaker ImmunoGen for $10 billion

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• Biotech stocks rose as AbbVie announced plans to buy cancer drug developer ImmunoGen for $10 billion.
• Shares of ImmunoGen, which develops cancer treatments called antibody-drug conjugates, closed nearly 83% higher.
• Other biotech companies developing ADCs jumped on the news of the buyout.

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