News

WALTHAM, Mass., Oct 11, 2010 (BUSINESS WIRE) -- ImmunoGen, Inc. (Nasdaq: IMGN) announced today that it has entered into a collaboration agreement with Novartis to discover and develop targeted anticancer therapeutics using antibodies to several antigen targets to be named by Novartis.

Under this agreement, Novartis will pay a $45 million upfront fee to ImmunoGen for exclusive rights to use the Company's Targeted Antibody Payload (TAP) technology with antibodies to the specified number of antigen targets. For each target that results in an anticancer therapeutic, ImmunoGen is entitled to receive milestone payments potentially totaling $200.5 million plus royalties on product sales, if any. The Company also is entitled to receive financial compensation for research and for any manufacturing done on behalf of Novartis. Novartis is responsible for the development, manufacturing, and marketing of any products resulting from this agreement.

"ImmunoGen has a valuable technology, and we're committed to developing our own pipeline of anticancer therapeutics," commented Daniel Junius, President and CEO of ImmunoGen. "Our partnerships provide funding support for our internal product programs and further development of our technology. We plan to continue to establish new collaborations on a selective basis."

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-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.

ImmunoGen's technology portfolio uniquely provides:

• A selection of highly potent cancer-killing payload agents;
• A selection of stable linkers for attachment of these agents to antibodies; and
• Means of attaching the payload to the antibody that retain the desired structural and functional properties of the antibody.

Seven TAP compounds are now in clinical testing through ImmunoGen's own product programs and those of its partners.

About ImmunoGen, Inc.

ImmunoGen, Inc. develops targeted anticancer therapeutics using the Company's expertise in tumor biology, monoclonal antibodies and potent cancer-cell killing agents. 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 currently seven TAP compounds in the clinic, with a wealth of clinical data reported with the technology. ImmunoGen collaborative partners include Amgen, Bayer Schering Pharma, Biogen Idec, Biotest, Genentech (a member of the Roche Group), Novartis, and sanofi-aventis. The most advanced compound using ImmunoGen's TAP technology, T-DM1, is in Phase III testing through the Company's collaboration with Genentech. More information about ImmunoGen can be found at http://www.immunogen.com/wt/home/home.

This press release includes forward-looking statements related to the Company's collaboration with Novartis. 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, 2010 and other reports filed with the Securities and Exchange Commission.

SOURCE: ImmunoGen, Inc.

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