ImmunoGen Enters Into Second License Agreement With Amgen

Amgen has licensed the exclusive right to use the ImmunoGen’s maytansinoid Targeted Antibody Payload (TAP) technology to develop anticancer therapeutics for an undisclosed target. This is the second such license to be taken by Amgen, the company licensed the exclusive right to use ImmunoGen’s TAP technology for another undisclosed cancer target in September 2009.

Daniel Junius, president and chief executive officer, said: “Amgen undertook extensive diligence prior to taking the first license that enabled them to move ahead quickly with this second license. The commitment Amgen is showing to the development of significant new anticancer compounds using our TAP technology is impressive – both in the pace that they took this second license and in their thoroughness around product timelines.”

Both licenses were taken under a 2000 agreement that grants Amgen certain rights to test ImmunoGen’s maytansinoid TAP technology and to license rights to use it to develop products to individual targets on agreed-upon terms. Under the license announced today, ImmunoGen receives a $1m upfront payment and is entitled to receive milestone payments potentially totaling $34m plus royalties on the sales of any resulting products. Amgen is responsible for the development, manufacturing and marketing of any products resulting from this license.