("CORRECT: ImmunoGen To Collaborate With Lilly On Cancer Drugs"
published at 10:37 a.m. ET, misstated the amount of potential
milestone payments in the first paragraph. The correct version
follows:)
DOW JONES NEWSWIRES
ImmunoGen Inc. (IMGN) agreed to a collaboration with Eli Lilly
& Co. (LLY) potentially valued at $20 million plus potential
milestone payments of $200 million per drug in which the
pharmaceutical company will get exclusive licensing rights to some
of ImmunoGen's antibody-based cancer therapies.
A number of major pharmaceutical companies have been taking
steps to fill their pipelines as they cope with a patent cliff,
including such collaborations with smaller drug developers.
Under the agreement, each license entitles ImmunoGen to receive
milestone payments as well as royalties on any products that result
from the collaboration, though the number of targets weren't
disclosed.
ImmunoGen's maytansinoid targeted antibody payload technology is
designed to deliver cancer-fighting drugs directly to tumor
cells.
The company has collaborative agreements with several other
major drug makers including Amgen Inc. (AMGN), Novartis AG (NVS,
NOVN.VX) and Sanofi SA (SNY, SAN.FR).
Shares of ImmunoGen and Lilly closed Monday at $11.36 and
$40.74, respectively. Neither was active premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
tess.stynes@dowjones.com