WALTHAM, Mass.--(BUSINESS WIRE)--Sep. 16, 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 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.
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.
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.
Source: ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Director, Investor Relations
and Corporate Communications