ImmunoGen Announces sanofi-aventis Licenses Expanded Access to the Company's TAP Technology
News Aug 13, 2008
The exercise of this option enables sanofi-aventis to evaluate, with certain restrictions, the Company's maytansinoid TAP technology with antibodies to targets not included in the existing research collaboration between the companies and to license the exclusive right to use the technology to develop products to specific targets on the terms in the 2006 agreement.
ImmunoGen is entitled to earn upfront and milestone payments potentially totaling $32 million per target for each compound developed under the 2006 agreement, as well as royalties on commercial sales. ImmunoGen also is entitled to manufacturing payments for any materials made on behalf of sanofi-aventis.
The Company earned $3.5 million with the exercise of this option in August 2008 in addition to the $500,000 ImmunoGen earned in December 2006 with the signing of the option agreement. The agreement extends until August 31, 2011 and can be renewed by sanofi-aventis for one additional three-year term by payment of a $2 million fee.
"We're pleased that sanofi-aventis has taken steps to secure expanded access to our TAP technology, further underscoring their support for the TAP approach," commented Daniel M. Junius, President and Chief Operating Officer. "Since sanofi-aventis and ImmunoGen began our collaboration in 2003, we've developed a number of TAP compounds together. Sanofi-aventis' exercise of this option enables them to continue to access our TAP technology for targets beyond those included in our 2003 collaboration."