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news.ImmunoGen has signed a collaboration agreement with Novartis to discover and develop targeted anticancer therapeutics using antibodies to several antigen targets to be named by Novartis.
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As per the terms of the agreement, Novartis is expected to pay a $45m upfront fee to ImmunoGen for exclusive rights to use ImmunoGen’s Targeted Antibody Payload (TAP) technology with antibodies to the specified number of antigen targets.
Additionally, for each target that results in an anticancer therapeutic, ImmunoGen is entitled to receive milestone payments potentially totaling $200.5m plus royalties on product sales, if any.
ImmunoGen is also entitled to receive financial compensation for research and for any manufacturing done on behalf of Novartis, while Novartis is responsible for the development, manufacturing and marketing of any products resulting from this agreement.
ImmunoGen president and CEO Daniel Junius said that their partnerships provide funding support for their internal product programs and further development of their technology.