ImmunoGen & Huadong Medicine Announce Strategic Collaboration to Develop & Commercialize Mirvetuximab Soravtansine in Greater...
October 19 2020 - 8:45AM
Business Wire
Partnership Accelerates Development Path for Mirvetuximab in
Greater China and Expands Huadong Medicine’s Oncology Portfolio
with Innovative ADC
Combines ImmunoGen’s Lead Clinical Program with Huadong’s
Regional Oncology Expertise
ImmunoGen to Receive $40 Million Upfront Payment and is
Eligible to Receive Up to $265 Million in Potential Development,
Regulatory, and Commercial Milestone Payments
ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field
of antibody-drug conjugates (ADCs) for the treatment of cancer, and
Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., a wholly-owned
subsidiary of Huadong Medicine Co., Ltd., today announced that the
companies have entered into an exclusive collaboration to develop
and commercialize mirvetuximab soravtansine in mainland China, Hong
Kong, Macau, and Taiwan (Greater China). ImmunoGen will retain all
rights to mirvetuximab in the rest of the world.
This collaboration provides ImmunoGen with access to the second
largest pharmaceutical market in the world via Huadong Medicine’s
development, regulatory, and commercial capabilities, while
supporting Huadong Medicine’s growth strategy to build a deep
portfolio of oncology, endocrinology, and autoimmunology
candidates. Mirvetuximab adds a compelling late-stage oncology
asset to Huadong Medicine’s portfolio.
"With extensive regional experience, the right development and
regulatory capabilities, and access to a deep local network of
hospitals and clinics across Greater China, Huadong Medicine is an
ideal partner for us,” said Mark Enyedy, ImmunoGen’s President and
Chief Executive Officer. “This collaboration reflects
mirvetuximab’s potential to deliver meaningful value to ovarian
cancer patients as well as our ability to translate our work in
ADCs into long-term relationships that create sustainable value for
ImmunoGen and our partners. We look forward to working closely with
Huadong Medicine to develop and commercialize mirvetuximab in
Greater China as we advance the mirvetuximab program and prepare
for the first potential commercial launch in the United States in
2022.”
"ImmunoGen is a leader in the development of ADCs for the
treatment of cancer and this partnership provides us with a
late-stage asset that will enable us to further expand our pipeline
of innovative oncology programs,” said Liang Lu, Chairman of
Huadong Medicine. “The compelling clinical data generated to date
highlights mirvetuximab’s potential to be a promising therapy for
an extremely difficult to treat disease and we look forward to
beginning its development as we seek to meet the growing needs of
ovarian cancer patients in Greater China."
Under the terms of the agreement, ImmunoGen will receive an
upfront payment of $40 million and is eligible to receive
additional milestone payments of up to $265 million as certain
development, regulatory, and commercial objectives are achieved.
ImmunoGen is also eligible to receive low double digit to high teen
royalties as a percentage of mirvetuximab commercial sales by
Huadong Medicine in Greater China.
Huadong Medicine will be responsible for the development as well
as potential regulatory submissions and commercialization of
mirvetuximab in Greater China pursuant to input from a joint
steering committee comprised of individuals from both companies.
Huadong Medicine will also have the opportunity to participate in
global clinical studies of mirvetuximab conducted by ImmunoGen.
ImmunoGen will continue to be responsible for the development and
commercialization of mirvetuximab in the United States and other
geographies.
ABOUT MIRVETUXIMAB SORAVTANSINE
Mirvetuximab soravtansine (IMGN853) is a first-in-class ADC
comprising a folate receptor alpha (FRα)-binding antibody,
cleavable linker, and the maytansinoid DM4, a potent
tubulin-targeting agent to kill the targeted cancer cells.
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.
ABOUT HUADONG MEDICINE
Huadong Medicine Co., Ltd. (SZ.000963) is a leading Chinese
pharmaceutical company based in Hangzhou, China. Founded in 1993,
Huadong Medicine has fully integrated R&D, manufacturing,
distribution, sales and marketing capabilities. Huadong Medicine’s
product portfolio and pipeline are specialized in oncology,
immunology, nephrology and diabetes. The Company’s annual revenue
in 2019 exceeded 5 billion USD. Huadong Medicine has 12,000
employees among which 1,000 are dedicated to R&D. Huadong
Medicine possesses one of the most extensive commercial coverage
and marketing capabilities in China. ‘Patient Centered, Science
Driven’ is Huadong’s value. For additional information, please
visit www.eastchinapharm.com/en.
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
occurrence, timing, and outcome of potential pre-clinical,
clinical, and regulatory events related to ImmunoGen’s 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:
the successful execution of the collaboration with Huadong and
their development and commercialization efforts; the timing and
outcome of ImmunoGen’s pre-clinical and clinical development
processes; the difficulties inherent in the development of novel
pharmaceuticals, including uncertainties as to the timing, expense,
and results of pre-clinical studies, clinical trials, and
regulatory processes; ImmunoGen’s ability to financially support
its product programs; risks and uncertainties associated with the
scale and duration of the COVID-19 pandemic and resulting impact on
ImmunoGen’s industry and business; and other factors more fully
described in ImmunoGen’s Annual Report on Form 10-K for the year
ended December 31, 2019 and other reports filed with the Securities
and Exchange Commission.
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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
Huadong Medicine Bo Chen +86 571 8990 3290
pretor@eastchinapharm.com
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