ImmunoGen Inc's TAP technology to be used by Amgen to develop third targeted anticancer therapeutics
Dec 20, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Biotechnology company ImmunoGen Inc (nasdaqgs:IMGN) said on Wednesday that it has licensed the exclusive right to use its maytansinoid TAP technology, to develop anticancer therapeutics to an undisclosed third target, under a 2000 agreement with Amgen.
The company said Amgen had acquired the licensed rights for two other targets in 2009 and has two compounds in clinical testing under those licenses.
For each license, ImmunoGen receives a USD1m upfront payment and is entitled to receive milestone payments potentially totaling USD34m plus royalties on the sales of any resulting products.
As part of the agreement, Amgen is responsible for the development, manufacturing and marketing of any products resulting from the license.
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