US-based biotechnology firm that develops novel anticancer therapeutics using antibody-drug conjugate (ADC) technology, ImmunoGen (IMGN) has signed a licensing agreement with Novartis, pursuant to which, Novartis has the exclusive right to use the company's ADC technology to develop anticancer therapeutics to an undisclosed target.
ImmunoGen president and CEO Daniel Junius said, "We believe the therapies Novartis is developing with our ADC technology have the potential to make an important difference for patients."
The move marks the second license opted by Novartis under a 2010 deal between the two companies.
ImmunoGen gets an upfront payment for each license and is also entitled to receive milestone payments totalling about $200m in addition to royalties on the sales of any resulting products.
Under the deal, Novartis will development, produce and market any products resulting from the license.
ImmunoGen's ADC technology delivers a highly potent cancer-cell killing agent specifically to tumor cells by using a tumor-targeting engineered antibody.
