ImmunoGen, Inc. Announces Second License Taken by Amgen for Right to Use the Company's TAP Technology
WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 19, 2009-- ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that develops targeted anticancer products, today announced that Amgen Inc. has licensed the exclusive right to use the Company's maytansinoid Targeted Antibody Payload (TAP) technology to develop anticancer therapeutics to an undisclosed target. This is the second such license to be taken by Amgen - the company licensed the exclusive right to use ImmunoGen's TAP technology for another undisclosed cancer target in September 2009.
"Amgen undertook extensive diligence prior to taking the first license that enabled them to move ahead quickly with this second license," commented Daniel Junius, President and Chief Executive Officer. "The commitment Amgen is showing to the development of significant new anticancer compounds using our TAP technology is impressive - both in the pace that they took this second license and in their thoroughness around product timelines."
Both licenses were taken under a 2000 agreement that grants Amgen certain rights to test ImmunoGen's maytansinoid TAP technology and to license rights to use it to develop products to individual targets on agreed-upon terms. Under the license announced today, 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 this license.
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 product pipeline, compounds utilizing the TAP technology are in clinical testing through ImmunoGen's collaborations with Genentech (a wholly-owned member of the Roche Group), sanofi-aventis, Biogen Idec and Biotest. The most advanced compound, trastuzumab-DM1 (T-DM1), is in Phase III testing being conducted by Genentech and Roche. Other ImmunoGen collaborative partners include Bayer HealthCare and Amgen. More information about ImmunoGen can be found at www.immunogen.com.
This press release includes forward-looking statements. 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. It should be noted that there are risks and uncertainties related to our collaborators, including Amgen, using our technology to develop products, including risks related to uncertainties around product advancement, study findings and results. A review of these risks can be found in ImmunoGen's Annual Report on Form 10-K for the fiscal year ended June 30, 2009 and other reports filed with the Securities and Exchange Commission.