ImmunoGen’s Second License to Amgen (IMGN, AMGN)

ImmunoGen, Inc. (NASDAQ:IMGN) has announced that Amgen, Inc. (NASDAQ:AMGN)Inc has licensed the exclusive right to use ImmunoGen’s maytansinoid Targeted Antibody Payload (TAP) technology for the development of anticancer therapeutics to 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.

Amgen Inc. is one of the leading biotechnology companies that discovers, develops, manufactures and markets human therapeutics-based on advances in cellular and molecular biology. The Company markets human therapeutic products in the areas of supportive cancer care, nephrology and inflammation. While announcing the news, CEO and President of ImmunoGen Inc, Daniel Junius commented that the Company undertook extensive diligence prior to taking the first license that enabled them to move ahead quickly with this second license and that the commitment Amgen is showing to the development of significant new anticancer compounds using the TAP technology is impressive – both in the pace that they took this second license and in their thoroughness around product timelines.

Both licenses are 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. However, under the license announced today, ImmunoGen receives a $1 million upfront payment and milestone payments potentially totaling $34 million plus royalties on the sales of any resulting products.