ImmunoGen Inks Deal With Lilly Worth Up To $1.7 Bln

(RTTNews) - Drug maker ImmunoGen Inc. (IMGN), on Tuesday announced a global, multi-target license deal with Eli Lilly and Company or Lilly, to grant exclusive rights to research, develop, and commercialize ADCs directed to targets selected by Lilly based on ImmunoGen's novel camptothecin technology.

Camptothecins are an important class of anticancer drugs targeting Type I topoisomerase.

According to the deal, 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.

ImmunoGen retains full rights to the camptothecin platform for all targets not covered by the Lilly license.