ImmunoGen Announces New License Agreement with Novartis

ImmunoGen

today announced that Novartis

has licensed the exclusive right to use the Company's ADC technology to develop anticancer therapeutics to an undisclosed target. “We believe the therapies Novartis is developing with our ADC technology have the potential to make an important difference for patients,” commented Daniel Junius, President and CEO. This is the second license to be taken by Novartis under a 2010 agreement between the companies. For each license, ImmunoGen receives an upfront payment and is entitled to receive milestone payments potentially totaling approximately $200 million plus royalties on