ImmunoGen Announces a Global, Multi-Target License Agreement of its Novel Camptothecin ADC Platform to Lilly for Up to $1.7 Billion
15 February 2022 - 10:30PM
Business Wire
ImmunoGen Grants Lilly Exclusive Rights to Research, Develop,
and Commercialize Antibody-Drug Conjugates Combining Targets
Selected by Lilly with ImmunoGen's Novel Camptothecin Platform
ImmunoGen to Receive a $13 Million Upfront Payment for Initial
Targets; Eligible to Receive an Additional $32.5 Million for
Additional Targets
ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field
of antibody-drug conjugates (ADCs) for the treatment of cancer,
today announced a global, multi-year definitive licensing agreement
whereby it granted Eli Lilly and Company (Lilly) exclusive rights
to research, develop, and commercialize ADCs directed to targets
selected by Lilly based on ImmunoGen's novel camptothecin
technology. ImmunoGen retains full rights to the camptothecin
platform for all targets not covered by the Lilly license.
As part of the agreement, Lilly will pay ImmunoGen an upfront
payment of $13 million, reflecting initial targets selected by
Lilly. Lilly may select a pre-specified number of additional
targets, with ImmunoGen eligible to receive an additional $32.5
million in exercise fees if Lilly licenses the full number of
targets. ImmunoGen is eligible to receive up to $1.7 billion in
potential target program exercise fees and milestone payments based
on the achievement of pre-specified development, regulatory, and
commercial milestones. ImmunoGen is also eligible for tiered
royalties as a percentage of worldwide commercial sales by Lilly.
Lilly is responsible for all costs associated with research and
development.
Camptothecins are an important class of anticancer drugs
targeting Type I topoisomerase. ImmunoGen's proprietary class of
camptothecin linker-payloads are designed to optimize existing
camptothecin technology to potentially deliver a wider therapeutic
window with enhanced safety and efficacy.
"Lilly has a proven track record of bringing transformative
oncology medicines to market, and we are pleased that they selected
our novel camptothecin technology to integrate with their efforts
to develop next-generation ADCs," said Stacy Coen, ImmunoGen's
Senior Vice President and Chief Business Officer. "This licensing
agreement demonstrates ImmunoGen's continued innovation in ADCs,
creates value from our intellectual property around a proprietary
platform, and further enhances our ability to re-invest in our
business as we build out our pipeline and accelerate our
transformation into a fully-integrated oncology company."
ABOUT IMMUNOGEN
ImmunoGen is developing the next generation of antibody-drug
conjugates (ADCs) to improve outcomes for cancer patients. By
generating targeted therapies with enhanced anti-tumor activity and
favorable tolerability profiles, we aim to disrupt the progression
of cancer and offer our patients more good days. We call this our
commitment to TARGET A BETTER NOW™.
Learn more about who we are, what we do, and how we do it at
www.immunogen.com.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements based on
management's current expectations. These statements include, but
are not limited to, ImmunoGen's expectations related to: the
potential benefits and results that may be achieved through
ImmunoGen’s licensing agreement with Lilly; the payment of upfront
and future milestones and royalties on future sales, as well as the
total potential value of the licensing agreement; and the
development and outcome of potential product candidates. For these
statements, ImmunoGen claims the protection of the safe harbor for
forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Various factors could cause
ImmunoGen's actual results to differ materially from those
discussed or implied in the forward-looking statements, and you are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of the date of this release.
Factors that could cause future results to differ materially from
such expectations include, but are not limited to: Lilly may not
pursue the development of product candidates based on ImmunoGen’s
camptothecin platform or those efforts may not be successful; the
difficulties inherent in the development of novel pharmaceuticals,
including uncertainties as to the timing, expense, and results of
preclinical studies, clinical trials, and regulatory processes;
risks and uncertainties associated with the scale and duration of
the COVID-19 pandemic and the resulting impact on ImmunoGen's
industry and business; and other factors as set forth in the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 1, 2021, and other reports filed with
the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20220215005481/en/
INVESTOR RELATIONS AND MEDIA ImmunoGen Courtney O'Konek
781-895-0600 courtney.okonek@immunogen.com
OR
FTI Consulting Robert Stanislaro 212-850-5657
robert.stanislaro@fticonsulting.com
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