WALTHAM, Mass.--(BUSINESS WIRE)-- ImmunoGen, 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 those licenses.
"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.
For Investors:
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive Director, Investor Relations and Corporate Communications
info@immunogen.com
or
For Media:
The Yates Network
Barbara Yates, 781-258-6153
Source: ImmunoGen, Inc.
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