ImmunoGen acquires rights to Centocor’s antitumor drug

Under the terms of the agreement, ImmunoGen gains the exclusive right to develop and commercialize a TAP compound that consists of an integrin-targeting antibody developed by Centocor and ImmunoGen’s maytansinoid TAP technology. ImmunoGen expects to file an investigational new drug (IND) application for this TAP compound, IMGN388, in the second quarter of 2008.
Centocor has the right to opt-in on IMGN388 at an agreed-upon stage in early clinical testing. Should Centocor exercise this right, ImmunoGen would receive an opt-in fee and be released from its obligation to pay Centocor any milestone payments or royalties on sales. Both companies would contribute to the costs of developing the compound. The two companies would share equally any profits on the sales of the compound in the US, and ImmunoGen would receive royalties on any international sales.

Should Centocor not exercise this right, ImmunoGen has the right to obtain a new partner for IMGN388, with certain restrictions. Centocor would be entitled to receive milestone payments potentially totaling $30 million, with the first payment due upon the completion of a successful Phase III trial, and also royalties on IMGN388 sales, if any. The companies have agreed to share certain third-party expenses.