ImmunoGen, Inc. Announces sanofi-aventis Licenses Expanded Access to the Company's TAP Technology
WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 12, 2008--ImmunoGen, Inc. (Nasdaq: IMGN) today announced that sanofi-aventis has exercised its option under a 2006 agreement for expanded access to ImmunoGen's Tumor-Activated Prodrug (TAP) technology.
The exercise of this option enables sanofi-aventis to evaluate, with certain restrictions, the Company's maytansinoid TAP technology with antibodies to targets not included in the existing research collaboration between the companies and to license the exclusive right to use the technology to develop products to specific targets on the terms in the 2006 agreement. ImmunoGen is entitled to earn upfront and milestone payments potentially totaling $32 million per target for each compound developed under the 2006 agreement, as well as royalties on commercial sales. ImmunoGen also is entitled to manufacturing payments for any materials made on behalf of sanofi-aventis.
The Company earned $3.5 million with the exercise of this option in August 2008 in addition to the $500,000 ImmunoGen earned in December 2006 with the signing of the option agreement. The agreement extends until August 31, 2011 and can be renewed by sanofi-aventis for one additional three-year term by payment of a $2 million fee.
"We're pleased that sanofi-aventis has taken steps to secure expanded access to our TAP technology, further underscoring their support for the TAP approach," commented Daniel M. Junius, President and Chief Operating Officer. "Since sanofi-aventis and ImmunoGen began our collaboration in 2003, we've developed a number of TAP compounds together. Sanofi-aventis' exercise of this option enables them to continue to access our TAP technology for targets beyond those included in our 2003 collaboration."
In 2003, sanofi-aventis and ImmunoGen entered into a collaboration to discover, develop and commercialize novel antibody-based anticancer products. The 2003 agreement granted sanofi-aventis exclusive rights to use ImmunoGen's maytansinoid TAP technology with antibodies to the targets included in that research collaboration. The agreement announced today provides sanofi-aventis with access to use the technology with antibodies to additional targets, and is the result of the exercise by sanofi-aventis of an option agreement established with ImmunoGen in December 2006.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using its expertise in cancer biology, monoclonal antibodies and the creation and attachment of potent cell-killing agents. The Company's TAP technology uses antibodies to deliver one of ImmunoGen's proprietary cell-killing agents specifically to cancer targets. In addition to the Company's proprietary clinical pipeline, ImmunoGen collaborators Genentech, sanofi-aventis and Biogen Idec also are testing TAP compounds in the clinic, and a naked antibody is in clinical trials through the Company's collaboration with sanofi-aventis.
CONTACT:
Investors:
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive Director, Investor Relations and Corporate Communications
info@immunogen.com
Media:
KMorrisPR
Kathryn Morris, 845-635-9828
Kathryn@kmorrispr.com
