Market Overview

Immunogen Shares Charge Higher Following News of Deal with Lilly for TAP Technology

Related IMGN
Benzinga's Top Downgrades
New Biotech Pair Trade: Infinity Pharma Over ImmunoGen
The Vetr community has downgraded $IMGN to 3-Stars (Vetr)
Related LLY
Lilly Receives FDA Breakthrough Therapy Designation for Abemaciclib - a CDK 4 and 6 Inhibitor - in Advanced Breast Cancer
10 Defensive Stock Ideas From Bank Of America
Eli Lilly's abemaciclib a Breakthrough Therapy for certain type of breast cancer (Seeking Alpha)

Immunogen (NASDSAQ: IMGN) shares are rallying in early-afternoon trade Wednesday following a Form 8-K just filed with the SEC.

From the filing: "On August 26, 2013, ImmunoGen, Inc. (referred to as “we,” “us” or the “Company”) entered into a license agreement with Eli Lilly and Company (NYSE: LLY) (“Lilly”) granting Lilly rights to use our maytansinoid-based Targeted Antibody Payload (TAP) technology to develop and commercialize products directed to a specific antigen target on an exclusive basis. This license was granted pursuant to the terms of an existing Multi-Target Agreement entered into by the Company and Lilly in 2011. In accordance with the terms of the Multi-Target Agreement, execution of the license agreement entitles us to receive development, regulatory and sales milestone payments potentially totaling $200.5 million, as well as royalties on the commercial sales of any resultant products."

Posted-In: News Movers


Related Articles (LLY)

View Comments and Join the Discussion!

Get Benzinga's Newsletters