WALTHAM, Mass.--(BUSINESS WIRE)--
Inc. (NASDAQ: IMGN), a biotechnology
company that develops anticancer therapeutics using its Targeted
Antibody Payload (TAP) technology and antibody expertise, today
announced that Amgen has licensed the exclusive right to use the
Company's maytansinoid TAP technology to develop anticancer therapeutics
to a third target, which is undisclosed. Amgen licensed rights for two
other targets in 2009 and has two compounds in clinical testing under
"We're pleased with the interest major healthcare companies are showing
in developing multiple product candidates with our TAP technology,"
commented Daniel Junius, President and CEO. "In recent years, there has
been a marked increase in the quantity of targets considered to be
potentially appropriate for TAP compounds, which has expanded the
opportunity for us and our partners."
The licenses were taken under a 2000 agreement. For each license,
ImmunoGen receives a $1 million upfront payment and is entitled to
receive milestone payments potentially totaling $34 million plus
royalties on the sales of any resulting products. Amgen is responsible
for the development, manufacturing and marketing of any products
resulting from the license.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using its TAP
technology together with the Company's expertise in monoclonal
antibodies and tumor biology. A TAP compound uses a tumor-targeting
monoclonal antibody to deliver one of ImmunoGen's purpose-developed
cancer-killing agents specifically to tumor cells. Ten TAP compounds are
now in clinical testing, of which three are wholly owned by the Company.
Marketing applications for trastuzumab emtansine (T-DM1), the most
advanced compound using ImmunoGen's TAP technology, are under review in
the US and Europe. Roche is developing this compound globally under an
agreement between ImmunoGen and Genentech, a member of the Roche Group.
More information about ImmunoGen can be found at www.immunogen.com.
Carol Hausner, 781-895-0600
Director, Investor Relations and Corporate Communications
The Yates Network
Barbara Yates, 781-258-6153
Source: ImmunoGen, Inc.
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