ImmunoGen Inc rises on research agreement with Vertex

ImmunoGen

01/03/2023 13:41

** Shares of drugmaker ImmunoGen Inc  IMGN.O  rise 7.73% to $4.18 premarket
    ** Co enters into an agreement with Vertex Pharmaceuticals  VRTX.O  
    ** The agreement grants VRTX rights to conduct research using ImmunoGen's
antibody-drug conjugates (ADC) technology discover novel targeted conditioning
agents for use with gene editing
    ** IMGN to receive a $15 million upfront payment; eligible to receive up to
$337 million in potential option fees and milestone payments 
    ** IMGN will be eligible to receive tiered royalties as a percentage of
worldwide commercial sales of novel licensed targeted conditioning agents by
VRTX
    ** Vertex is responsible for all research, development, and
commercialization and related costs
    ** ADCs are a class of drugs designed as a targeted therapy for treating
cancer
    ** Co also posted Q4 revenue of $41.2 million beating Refinitiv estimates of
$17.3 million
    ** Co lost 33% last year

 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))