ImmunoGen, Inc. Announces Genentech's Fifth TAP Technology License
WALTHAM, Mass.--(BUSINESS WIRE)--Dec. 8, 2008--ImmunoGen, Inc. (Nasdaq: IMGN) today announced that Genentech has licensed the exclusive right to use ImmunoGen's Tumor-Activated Prodrug (TAP) technology with Genentech antibodies to an undisclosed target. This is the fifth such license to be taken by Genentech - in 2000 the company licensed exclusive rights to use ImmunoGen's TAP technology with antibodies to HER2 and in 2005 licensed exclusive rights to use the TAP technology with three undisclosed targets.
Daniel Junius, President and Chief Operating Officer, commented, "Genentech is highly visible in their commitment to the field of 'armed antibodies' and has advanced trastuzumab-DM1 - their lead TAP compound - at an impressive rate. We, in turn, continue to make important investments in our technology to retain and enhance our leadership position. We believe the license announced today leverages our complementary expertise."
This license was taken under an agreement established between the companies in 2000. It grants Genentech the exclusive right to use ImmunoGen's maytansinoid TAP technology with Genentech's therapeutic antibodies to the undisclosed target to develop anticancer therapeutics. Under the terms of the license, ImmunoGen receives a $1 million license payment upfront and is entitled to receive milestone payments plus royalties on the sales of any resulting products. Genentech is responsible for the development, manufacturing, and marketing of any products resulting from this license.
The agreement established between the companies in May 2000 granted Genentech certain rights to test ImmunoGen's maytansinoid TAP technology with antibodies to specific targets and to license - on agreed-upon terms - the exclusive right to use the technology with antibodies to these targets to develop products.
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, Biogen Idec, and Biotest also are testing TAP compounds in the clinic, and the naked antibody AVE1642 is in clinical trials through the Company's collaboration with sanofi-aventis. Other ImmunoGen collaborative partners include Bayer HealthCare and Amgen.
CONTACT:
ImmunoGen, Inc. Carol Hausner
781-895-0600
Executive Director, Investor Relations and Corporate Communications
info@immunogen.com
