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ImmunoGen, Inc. (IMGN) Is On A Roll, Inks Fifth New License Agreement Of 2013
11/11/2013 7:07:55 AM
ImmunoGen, Inc. Announces Fifth New License Agreement in 2013
WALTHAM, Mass.--(BUSINESS WIRE)-- ImmunoGen, Inc. (IMGN), a biotechnology company that develops targeted anticancer therapeutics, today announced that Novartis has licensed the exclusive right to use the Company's antibody-drug conjugate (ADC) technology to develop anticancer therapeutics to an undisclosed target. This is the third license to be taken by Novartis – and the fifth to be taken by a major healthcare company – this year.
“In the past year, Novartis, Eli Lilly and Amgen have each licensed exclusive rights to use our industry-leading ADC technology for one or more targets,” commented Daniel Junius, President and CEO. “There are now numerous highly promising product candidates in the clinic through our own programs and through our partnerships, with many earlier-stage compounds advancing behind these.”
The terms of this third Novartis license are consistent with the license announced last month.
About ImmunoGen, Inc.
ImmunoGen develops targeted anticancer compounds with its well-tested ADC technology, which uses a tumor-targeting antibody to deliver one of the Company’s proprietary cancer-cell killing agents specifically to tumor cells. The most advanced compound with ImmunoGen’s ADC technology is Roche’s Kadcyla®, which is marketed in the US by Genentech and is also gaining approvals internationally. Consistent with several ImmunoGen and partner compounds, Kadcyla utilizes ImmunoGen’s thioether (SMCC) linker and DM1 cytotoxic agent; ImmunoGen manufactured Kadcyla for non-pivotal clinical testing and developed the pivotal manufacturing process on behalf of Genentech. More information about ImmunoGen can be found at www.immunogen.com.
Kadcyla® is a registered trademark of Genentech, Inc., a member of the Roche Group.
Carol Hausner, 781-895-0600
Executive Director, Investor Relations and Corporate Communications
The Yates Network
Barbara Yates, 781-258-6153
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