ImmunoGen (IMGN) Enters $200.5M License Agreement with Eli Lilly (LLY)

August 28, 2013 1:20 PM EDT
On August 26, 2013, ImmunoGen, Inc. (Nadaq: IMGN) entered into a license agreement with Eli Lilly and Company (NYSE: LLY) granting Lilly rights to use our maytansinoid-based Targeted Antibody Payload (TAP) technology to develop and commercialize products directed to a specific antigen target on an exclusive basis. This license was granted pursuant to the terms of an existing Multi-Target Agreement entered into by the Company and Lilly in 2011.

In accordance with the terms of the Multi-Target Agreement, execution of the license agreement entitles us to receive development, regulatory and sales milestone payments potentially totaling $200.5 million, as well as royalties on the commercial sales of any resultant products.

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