AbbVie said on Thursday it will buy drugmaker ImmunoGen for $10.1 billion, boosting its presence in the market for cancer treatments.

The drugmaker will pay $31.26 per ImmunoGen share in cash, representing a premium of 94.6% to the last closing price.

This transaction is expected to close in the middle of 2024, AbbVie said.

(Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)