ImmunoGen, Inc. IMGN, a biotechnology company that develops
anticancer therapeutics using its Targeted Antibody Payload (TAP) technology
and antibody expertise, today announced that Amgen AMGN 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.
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