Under the agreement Genentech will use the Immunogen compounds in combination with its own therapeutic antibodies, on particular undisclosed targets. Shares in ImmunoGen climbed almost 10% in the wake of the news.
ImmunoGen will receive a $1 million license payment, and is entitled to receive milestone payments, and royalties on the sales of any resulting products. Genentech is responsible for the development, manufacturing, and marketing of any products resulting from the license. This is the third such license which Genentech has acquired from ImmunoGen.
This license stems from an agreement between the companies – established in 2000 and renewed by Genentech in 2005, which grants Genentech certain rights to test ImmunoGen’s maytansinoid TAP technology with Genentech’s therapeutic antibodies to specific targets, and to license rights to use the technology to develop products.
Dr Mitchel Sayare, ImmunoGen chairman and CEO, commented, “We now have several agreements in place with Genentech – the three license agreements that enable them to develop TAP products to different targets and the technology access agreement that enables them to test our TAP technology with other of their therapeutic antibodies. We are delighted to again expand our relationship with Genentech.”