Novartis and ImmunoGen entered into a collaboration agreement to discover and develop targeted anti-cancer therapeutics using the latter's technology [remove], Immunogen announced Monday.
Under the terms of the agreement, Novartis will pay a $45 million upfront fee to ImmunoGen for the exclusive rights to use ImmunoGen's Targeted Antibody Payload (TAP) technology with antibodies to the specified number of antigen targets selected by Novartis. For each target that results in a drug, ImmunoGen is entitled to receive milestone payments potentially totaling $200.5 million, as well as royalties on future sales. ImmunoGen is also eligible to receive financial compensation for research and for any manufacturing done on behalf of Novartis. Novartis will be responsible for the development, manufacturing, and marketing of any products resulting from this agreement.
Shares in ImmunoGen climbed nearly 9 percent on the news.
Reference Articles
ImmunoGen signs cancer treatment deal with Novartis - (CNBC)
ImmunoGen says Novartis will pay $45M upfront, and up to $200M plus royalties for cancer drugs - (Canadian Business)
ImmunoGen announces collaboration for rights to use ImmunoGen's TAP technology - (ImmunoGen)
ImmunoGen investors see gain from anticancer development deal with Novartis - (International Business Times)
Novartis, ImmunoGen to work on cancer drugs - (The Wall Street Journal)
Novartis licenses anti-cancer technology in $250M deal - (Triangle Business Journal)
ImmunoGen gets $45m upfront from Novartis to make souped up antibodies for cancer - (Xconomy
**Published in "First Word"
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