ImmunoGen entered into a licensing agreement whereby Eli Lilly and Company was granted exclusive rights to research, develop and commercialize antibody-drug conjugates (ADCs).
These ADCs will be directed to targets chosen by Lilly based on ImmunoGen’s new camptothecin technology.
Under the multi-year international definitive agreement, ImmunoGen owns full rights to the camptothecin platform for all targets not selected under the Lilly license.
ImmunoGen is eligible for an upfront payment of $13 million from Lilly for preliminary targets chosen by Lilly.
Additionally, Lilly has the option to select a predetermined number of additional targets for which ImmunoGen is entitled to an additional $32.5 million in exercise fees if Lilly clears all targets.
ImmunoGen could receive up to $1.7 billion in potential target program exercise fees and milestone payments to achieve pre-defined development, regulatory and commercial goals.
Lilly will also pay tiered royalties to ImmunoGen as a percentage of worldwide commercial sales.
In addition, Lilly will bear all expenses related to the research and development of the ADCs.
Stacy Coen, Senior Vice President and Chief Commercial Officer of ImmunoGen, said, “Lilly has a proven track record of bringing transformative oncology medicines to market and we are delighted that they have chosen our new camptothecin technology for the integrate into their next-generation ADC development efforts.
“This license agreement demonstrates ImmunoGen’s continued innovation in ADCs, creates value from our intellectual property around a proprietary platform, and further enhances our ability to reinvest in our business as we grow our pipeline and accelerating our transformation into a fully integrated oncology company. .”
A crucial class of anti-cancer drugs, camptothecins act on topoisomerase type I.
Previously, the United States Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) to Lilly’s bebtelovimab for the treatment of Covid-19.