ImmunoGen, Inc. Announces Antibody-Drug Conjugate Collaboration With Lilly
December 20 2011 - 5:30AM
- Agreement provides Lilly, a leader in the development of
important cancer therapeutics, with access to ImmunoGen's TAP
technology
- ImmunoGen to receive $20 million upfront, milestone payments
potentially totaling $200 million – for each target – and royalties
on any commercial sales
WALTHAM, Mass., Dec. 20, 2011 (GLOBE NEWSWIRE) --
ImmunoGen, Inc. (Nasdaq:IMGN) announced today that it has entered
into a collaboration agreement with Eli Lilly and Company. Under
this agreement, Lilly will pay an upfront fee of $20 million for
rights to take a limited number of exclusive licenses to use
ImmunoGen's maytansinoid Targeted Antibody Payload (TAP) technology
with Lilly monoclonal antibodies to develop novel antibody-drug
conjugate (ADC) anticancer therapeutics.
Daniel Junius, President and CEO of ImmunoGen, commented, "Lilly
is a leader in the development of innovative, anticancer medicines.
Their commitment to developing significant new antibody-based
therapeutics makes them an attractive partner for ImmunoGen."
"Today's technological advances offer hope for future cancer
patients. Lilly has a diverse pipeline of targeted cancer
therapies, and is focused on the development of agents with clear
clinical benefit in specific patient populations," said Greg
Plowman, M.D., Ph.D., vice president Lilly Oncology Research and
senior vice president of research for ImClone. "The use of
ImmunoGen's technology to develop antibody-drug conjugates holds
promise in helping Lilly achieve these improved outcomes for
patients."
Each license taken entitles ImmunoGen to receive milestone
payments potentially totaling approximately $200 million and also
royalties on the sales of any resulting product(s). ImmunoGen also
is entitled to receive financial compensation for any research
and/or manufacturing done on behalf of Lilly. Lilly is responsible
for the development, manufacturing, and marketing of any products
resulting from this agreement.
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 cell-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.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using
the Company's expertise in tumor biology, monoclonal antibodies,
potent cancer-cell killing agents and engineered linkers. 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 now numerous TAP compounds in clinical
development with a wealth of clinical data reported. ImmunoGen's
collaborative partners include Amgen, Bayer HealthCare, Biotest,
Lilly, Novartis, Roche, and Sanofi. 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 Lilly. 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, 2011 and other reports filed with the Securities and
Exchange Commission.
CONTACT: For Investors:
Carol Hausner
Executive Director, Investor Relations
and Corporate Communications
ImmunoGen, Inc.
(781) 895-0600
info@immunogen.com
For Media:
Barbara Yates
The Yates Network
(781) 258-6153
ImmunoGen (NASDAQ:IMGN)
Historical Stock Chart
From Jun 2024 to Jul 2024
ImmunoGen (NASDAQ:IMGN)
Historical Stock Chart
From Jul 2023 to Jul 2024