ImmunoGen rises on agreement with Takeda for ovarian cancer drug in Japan

ImmunoGen

28/08/2023 12:09

** Shares of drugmaker ImmunoGen Inc  IMGN.O  rise 1.67%  to
$16.4 premarket
    ** Company has entered into agreement with Japan-based
drugmaker Takeda Pharmaceutical  4502.T  to develop and
commercialize its ovarian cancer drug Elahere in Japan
    ** IMGN to receive $34 mln in upfront and near-term
milestone payments and is eligible to receive potential
regulatory and commercial milestone payments as well as
double-digit royalties
    ** IMGN has retained exclusive production rights and will
supply product for development and commercial use in Japan 
    ** Takeda will receive an exclusive license to develop and
commercialize the drug in Japan and is responsible for all
regulatory filings and obligations
    ** Up to last close, IMGN stock has more than tripled YTD

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