WALTHAM, Mass.--(BUSINESS WIRE)--
ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that develops
novel anticancer therapeutics using its antibody-drug conjugate (ADC)
technology, today announced that Novartis has licensed the exclusive
right to use the Company's ADC technology to develop anticancer
therapeutics to an undisclosed target.
"We believe the therapies Novartis is developing with our ADC technology
have the potential to make an important difference for patients,"
commented Daniel Junius, President and CEO.
This is the second license to be taken by Novartis under a 2010
agreement between the companies. For each license, ImmunoGen receives an
upfront payment and is entitled to receive milestone payments
potentially totaling approximately $200 million plus royalties on the
sales of any resulting products. Novartis is responsible for the
development, manufacturing and marketing of any products resulting from
the license.
About ImmunoGen, Inc
ImmunoGen, Inc. develops targeted anticancer therapeutics. The Company's
ADC technology uses a tumor-targeting engineered antibody to deliver one
of ImmunoGen's highly potent cancer-cell killing agents specifically to
tumor cells. The most advanced compound with ImmunoGen's ADC technology
is Roche's Kadcyla®, which is marketed in the US by Genentech
and also gaining approvals internationally. ImmunoGen has four wholly
owned clinical-stage product candidates, with additional compounds in
the clinic through its partnerships with Amgen, Bayer HealthCare,
Biotest and Sanofi. More information about the Company can be found at www.immunogen.com.
Kadcyla® is a registered trademark of Genentech, Inc., a
member of the Roche Group.
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive
Director, Investor Relations and Corporate Communications
info@immunogen.com
or
The
Yates Network
Barbara Yates, 781-258-6153
Source: ImmunoGen, Inc.
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