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 found on solid tumors.
Daniel Junius, President and Chief Executive Officer, commented, “Amgen has an established track record of success in oncology and an expanding presence in antibody-based therapeutics. Amgen’s interest in antibody-drug conjugates is good for the field, and we’re pleased they’ve chosen to move forward with ImmunoGen’s technology.”
This license was taken under an agreement established in 2000 between ImmunoGen and Abgenix, Inc., which later was acquired by Amgen. Under the terms of the license, ImmunoGen receives a $1 million license payment upfront. The Company also 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.
The agreement established in September 2000 grants Amgen certain rights to test ImmunoGen’s maytansinoid TAP technology with antibodies to specific targets and to license – on agreed-upon terms – the right to use the technology with antibodies to these targets to develop products.