ImmunoGen, Inc. Announces Collaboration for Rights to Use ImmunoGen’s TAP Technology
October 11 2010 - 2:30AM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN) announced today that it has
entered into a collaboration agreement with Novartis to discover
and develop targeted anticancer therapeutics using antibodies to
several antigen targets to be named by Novartis.
Under this agreement, Novartis will pay a $45 million upfront
fee to ImmunoGen for exclusive rights to use the Company’s Targeted
Antibody Payload (TAP) technology with antibodies to the specified
number of antigen targets. For each target that results in an
anticancer therapeutic, ImmunoGen is entitled to receive milestone
payments potentially totaling $200.5 million plus royalties on
product sales, if any. The Company also is entitled to receive
financial compensation for research and for any manufacturing done
on behalf of Novartis. Novartis is responsible for the development,
manufacturing, and marketing of any products resulting from this
agreement.
“ImmunoGen has a valuable technology, and we’re committed to
developing our own pipeline of anticancer therapeutics,” commented
Daniel Junius, President and CEO of ImmunoGen. “Our partnerships
provide funding support for our internal product programs and
further development of our technology. We plan to continue to
establish new collaborations on a selective basis.”
About ImmunoGen’s Targeted Antibody Payload (TAP)
Technology
ImmunoGen developed its TAP technology to achieve more
effective, better tolerated anticancer drugs. A TAP compound
consists of a tumor-targeting manufactured antibody with one of
ImmunoGen’s proprietary, highly potent cancer-killing agents
attached as a payload. The antibody serves to deliver the payload
specifically to tumor cells, and the payload serves to kill these
cells.
ImmunoGen’s technology portfolio uniquely provides:
- A selection of highly potent
cancer-killing payload agents;
- A selection of stable linkers for
attachment of these agents to antibodies; and
- Means of attaching the payload to the
antibody that retain the desired structural and functional
properties of the antibody.
Seven TAP compounds are now in clinical testing through
ImmunoGen’s own product programs and those of its partners.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using
the Company’s expertise in tumor biology, monoclonal antibodies and
potent cancer-cell killing agents. The Company’s TAP technology
uses monoclonal antibodies to deliver one of ImmunoGen’s
proprietary cancer-cell killing agents specifically to tumor cells.
There are currently seven TAP compounds in the clinic, with a
wealth of clinical data reported with the technology. ImmunoGen
collaborative partners include Amgen, Bayer Schering Pharma, Biogen
Idec, Biotest, Genentech (a member of the Roche Group), Novartis,
and sanofi-aventis. The most advanced compound using ImmunoGen’s
TAP technology, T-DM1, is in Phase III testing through the
Company’s collaboration with Genentech. More information about
ImmunoGen can be found at www.immunogen.com.
This press release includes forward-looking statements related
to the Company’s collaboration with Novartis. For these statements,
ImmunoGen claims the protection of the safe harbor for
forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Various factors could cause
ImmunoGen’s actual results to differ materially from those
discussed or implied in the forward-looking statements, and you are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of the date of this release.
Factors that could cause future results to differ materially from
such expectations include, but are not limited to the timing and
outcome of ImmunoGen’s and the Company’s collaboration partners’
research and clinical development processes; the difficulties
inherent in the development of novel pharmaceuticals, including
uncertainties as to the timing, expense and results of preclinical
studies, clinical trials and regulatory processes; ImmunoGen’s
ability to financially support its product programs; ImmunoGen’s
dependence on collaborative partners; industry merger and
acquisition activity; and other factors more fully described in
ImmunoGen’s Annual Report on Form 10-K for the fiscal year ended
June 30, 2010 and other reports filed with the Securities and
Exchange Commission.
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