WALTHAM, Mass.--(BUSINESS WIRE)--Dec. 8, 2008--ImmunoGen, Inc. (Nasdaq: IMGN) today announced that Genentech has
licensed the exclusive right to use ImmunoGen's Tumor-Activated Prodrug
(TAP) technology with Genentech antibodies to an undisclosed target.
This is the fifth such license to be taken by Genentech - in 2000 the
company licensed exclusive rights to use ImmunoGen's TAP technology with
antibodies to HER2 and in 2005 licensed exclusive rights to use the TAP
technology with three undisclosed targets.
Daniel Junius, President and Chief Operating Officer, commented,
"Genentech is highly visible in their commitment to the field of 'armed
antibodies' and has advanced trastuzumab-DM1 - their lead TAP compound -
at an impressive rate. We, in turn, continue to make important
investments in our technology to retain and enhance our leadership
position. We believe the license announced today leverages our
complementary expertise."
This license was taken under an agreement established between the
companies in 2000. It grants Genentech the exclusive right to use
ImmunoGen's maytansinoid TAP technology with Genentech's therapeutic
antibodies to the undisclosed target to develop anticancer therapeutics.
Under the terms of the license, ImmunoGen receives a $1 million license
payment upfront and is entitled to receive milestone payments plus
royalties on the sales of any resulting products. Genentech is
responsible for the development, manufacturing, and marketing of any
products resulting from this license.
The agreement established between the companies in May 2000 granted
Genentech certain rights to test ImmunoGen's maytansinoid TAP technology
with antibodies to specific targets and to license - on agreed-upon
terms - the exclusive right to use the technology with antibodies to
these targets to develop products.
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
proprietary clinical pipeline, ImmunoGen collaborators Genentech,
sanofi-aventis, Biogen Idec, and Biotest also are testing TAP compounds
in the clinic, and the naked antibody AVE1642 is in clinical trials
through the Company's collaboration with sanofi-aventis. Other ImmunoGen
collaborative partners include Bayer HealthCare and Amgen.
CONTACT:
ImmunoGen, Inc.
Carol Hausner
781-895-0600
Executive Director, Investor Relations
and Corporate Communications
info@immunogen.com
