Amgen Takes Third License for Rights to Use ImmunoGen's TAP Technology

Amgen Takes Third License for Rights to Use ImmunoGen's TAP Technology

WALTHAM, Mass.--(BUSINESS WIRE)-- ImmunoGen, Inc. (NAS: IMGN) , a biotechnology company that develops anticancer therapeutics using its Targeted Antibody Payload (TAP) technology and antibody expertise, today announced that Amgen has licensed the exclusive right to use the Company's maytansinoid TAP technology to develop anticancer therapeutics to a third target, which is undisclosed. Amgen licensed rights for two other targets in 2009 and has two compounds in clinical testing under those licenses.

"We're pleased with the interest major healthcare companies are showing in developing multiple product candidates with our TAP technology," commented Daniel Junius, President and CEO. "In recent years, there has been a marked increase in the quantity of targets considered to be potentially appropriate for TAP compounds, which has expanded the opportunity for us and our partners."


The licenses were taken under a 2000 agreement. For each license, 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 the license.

About ImmunoGen, Inc.

ImmunoGen, Inc. develops targeted anticancer therapeutics using its TAP technology together with the Company's expertise in monoclonal antibodies and tumor biology. A TAP compound uses a tumor-targeting monoclonal antibody to deliver one of ImmunoGen's purpose-developed cancer-killing agents specifically to tumor cells. Ten TAP compounds are now in clinical testing, of which three are wholly owned by the Company. Marketing applications for trastuzumab emtansine (T-DM1), the most advanced compound using ImmunoGen's TAP technology, are under review in the US and Europe. Roche is developing this compound globally under an agreement between ImmunoGen and Genentech, a member of the Roche Group. More information about ImmunoGen can be found at www.immunogen.com.

anImage


For Investors:
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive Director, Investor Relations and Corporate Communications
info@immunogen.com
or
For Media:
The Yates Network
Barbara Yates, 781-258-6153

KEYWORDS:   United States  North America  Massachusetts

INDUSTRY KEYWORDS:

The article Amgen Takes Third License for Rights to Use ImmunoGen's TAP Technology originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Add a Comment

*0 / 3000 Character Maximum