IMGN - ImmunoGen gains on pact with Eli Lilly for antibody-drug conjugates

ImmunoGen (NASDAQ:IMGN) shares have added ~3% in the pre-market on Tuesday after the company announced a licensing deal with Eli Lilly (NYSE:LLY) to research, develop, and commercialize antibody-drug conjugates based on its camptothecin platform. ADCs covered by the deal will be directed to targets selected by Eli Lilly (LLY), which will be responsible for all R&D costs. ImmunoGen (IMGN) will retain full rights to the camptothecin platform for all other targets. Per the terms, Eli Lilly (LLY) will pay the company $13M of upfront payment for the initial targets. ImmunoGen (IMGN) is entitled to a further $32.5M in exercise fees if Lilly licenses the full set of additional targets, which are pre-specified in the deal. ImmunoGen (IMGN) can receive up to $1.7B in program exercise fees and milestone payments in addition to tiered royalties as a percentage of global commercial sales by Eli Lilly (LLY). Read: Immunogen’s (IMGN) licensing deal with Eli Lilly

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ImmunoGen gains on pact with Eli Lilly for antibody-drug conjugates