IMMUNOGEN, INC. GRANTS BIOTEST AG RIGHTS TO USE IMMUNOGEN TAP TECHNOLOGY

ImmunoGen, Inc. announced today that the company has entered into an agreement that grants Biotest AG exclusive rights to use ImmunoGen's Tumor-Activated Prodrug (TAP) technology with antibodies targeting an undisclosed target to develop novel anticancer therapeutics. Under the agreement, ImmunoGen will receive a $1 million upfront payment, up to $35.5 million in potential milestone payments, and royalties on the sales of any resulting products.

PipelineReview (http://www.pipelinereview.com/joomla/content/view/5098/118/)