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