ImmunoGen will receive $34 million in upfront and near-term milestone payments. 

ELAHERE is a prescription medicine used to treat adults with folate receptor⁠–⁠alpha positive ovarian cancer, fallopian tube cancer, or primary peritoneal cancer, who have received one to three prior systemic treatment regimens.

The  Waltham, Massachusetts-based biotech firm will also be eligible to receive potential regulatory and commercial milestone payments upon conversion of the US Food and Drug Administration (FDA) accelerated approval of ELAHERE in platinum-resistant ovarian cancer (PROC) to full approval.

"As a leader in the development and commercialization of novel products in oncology for more than two decades and with a deep heritage and presence in Japan, Takeda is the ideal partner to help us deliver ELAHERE to eligible patients in this important market," said Mark Enyedy, ImmunoGen's President and Chief Executive Officer. 

Per the agreement, ImmunoGen has retained exclusive production rights and will supply the product for development and commercial use in Japan.

Takeda, in turn, will receive an exclusive license to develop and commercialize ELAHERE in Japan and is responsible for all regulatory filings and obligations.

ImmunoGen is also eligible to receive double-digit royalties on future net sales of ELAHERE in Japan. 

Price Action: IMGN shares are trading higher by 1.05% to $16.30 premarket on the last check Monday.