Both licenses were taken under a 2000 agreement that grants Amgen certain rights to test ImmunoGen's maytansinoid TAP technology and to license rights to use it to develop products to individual targets on agreed-upon terms.

Under the new license, ImmunoGen receives a $1 million upfront payment and is entitled to receive milestone payments potentially totaling $34 million plus royalties on the sales of any resulting products. Amgen is responsible for the development, manufacturing and marketing of any products resulting from this license.

Daniel Junius, president and CEO of ImmunoGen, said: "Amgen undertook extensive diligence prior to taking the first license that enabled them to move ahead quickly with this second license. The commitment Amgen is showing to the development of significant new anticancer compounds using our TAP technology is impressive - both in the pace that they took this second license and in their thoroughness around product timelines."

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Under this agreement, ImmunoGen receives a $1 million upfront payment and will entitled to receive milestone payments potentially totaling $34 million. ImmunoGen will entitle to receive royalties on the sales of any resulting products. Amgen will be responsible for the development, manufacturing and marketing of any products resulting from this license.

Deal Type    Partnership
Sub-Category Acquisition of Rights
Deal Status  Announced: 2009-11-19

Deal Participants

Partner 1 (Company) Amgen, Inc.
Partner 2 (Company) ImmunoGen, Inc.

Both licenses were taken under a 2000 agreement that grants Amgen certain rights to test ImmunoGen's maytansinoid TAP technology and to license rights to use it to develop products to individual targets on agreed-upon terms. Under the license announced today, ImmunoGen receives a $1 million upfront payment and is entitled to receive milestone payments potentially totaling $34 million plus royalties on the sales of any resulting products. Amgen is responsible for the development, manufacturing and marketing of any products resulting from this license.

About ImmunoGen, Inc.

ImmunoGen, Inc. develops targeted anticancer therapeutics using its expertise in cancer biology, monoclonal antibodies and the creation and attachment of potent cell-killing agents. The Company's TAP technology uses antibodies to deliver one of ImmunoGen's proprietary cell-killing agents specifically to cancer targets. In addition to the Company's product pipeline, compounds utilizing the TAP technology are in clinical testing through ImmunoGen's collaborations with Genentech (a wholly-owned member of the Roche Group), sanofi-aventis, Biogen Idec and Biotest. The most advanced compound, trastuzumab-DM1 (T-DM1), is in Phase III testing being conducted by Genentech and Roche. Other ImmunoGen collaborative partners include Bayer HealthCare and Amgen. More information about ImmunoGen can be found at www.immunogen.com.

This press release includes forward-looking statements. For these statements, ImmunoGen claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. It should be noted that there are risks and uncertainties related to our collaborators, including Amgen, using our technology to develop products, including risks related to uncertainties around product advancement, study findings and results. A review of these risks can be found in ImmunoGen's Annual Report on Form 10-K for the fiscal year ended June 30, 2009 and other reports filed with the Securities and Exchange Commission.

SOURCE: ImmunoGen, Inc.

ImmunoGen, Inc. 
Carol Hausner, 781-895-0600 
Executive Director, Investor Relations 
and Corporate Communications 
info@immunogen.com

About Amgen

Amgen discovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives. To learn more about our pioneering science and our vital medicines, visit www.amgen.com.

    CONTACT: Amgen, Thousand Oaks
    David Polk, 805-447-4613 or 805-490-0661 (media)
    Justin Claeys, 805-447-1060 (investors)

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SOURCE Amgen

http://www.amgen.com