Shares in ImmunoGen are on the rise today as investors applaud news that Takeda has signed up to its anticancer technology capable of generating so-called ‘smart bomb’ treatments.
The firm’s Antibody-drug conjugates (ADC) technology platform basically links a monoclonal antibody with a payload of deadly chemotherapy for release inside the targeted cell, the idea being that such targeted delivery will boost effectiveness of treatment while preventing healthy tissues from being harmed.
Following in the footsteps of pharma giants including Roche, Bayer and Novartis, the Japanese drugmaker has bought itself a license to ImmunoGen’s technology for up to two targets, in return for an upfront payment of $20 million for each.
Under the deal, ImmunoGen also stands to receive milestone payments of up to $210 million plus royalties on any net sales. Takeda is responsible for the development, manufacturing and marketing of any products resulting from the deal.
ImmunoGen’s were up 15% in mid-morning trading on the Nasdaq.