ImmunoGen Allows Vertex Pharma Use Its Technology For Conditioning Agents For Use With Gene Editing

ImmunoGen Inc IMGN announced a global, multi-target license and option agreement that granted Vertex Pharmaceuticals Incorporated VRTX rights for ImmunoGen's ADC technology to discover targeted conditioning agents for use with gene editing.
After each target's research period, Vertex will have the option to obtain a worldwide, exclusive license to research, develop, and commercialize conditioning agents employing ImmunoGen's technology for that target.
ImmunoGen will retain full rights to the ADC technology for all targets not covered by the Vertex license.
Vertex will pay ImmunoGen an upfront payment of $15 million. ImmunoGen can receive up to $337 million in option exercise fees, development, and commercial milestone payments per target.
Vertex is responsible for all research, development, commercialization, and related costs.
The company reported Q4 revenues of $41.2 million compared to $28.0 million a year ago and the consensus of $17.23 million.
ImmunoGen had $275.1 million in cash and cash equivalents.
The company reported a Q4 EPS loss of $(0.23), compared to the consensus loss of $(0.30) and $(0.17) a year ago.
Price Action: IMGN shares are down 4.77% at $3.70 on the last check Wednesday.