ImmunoGen enter collaboration agreement with Novartis to develop targeted anticancer therapeutics

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.

“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.”

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."