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.
Source: ImmunoGen, Inc.
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive
Director, Investor Relations
and Corporate Communications
info@immunogen.com
