Lilly Unites With ImmunoGen In ADC Deal Worth Up To $1.7B

 mmunoGen Inc 

IMGN +4.69%

 (Get Free Alerts for IMGN) has struck a multi-target license deal with Eli Lilly And Co 

LLY +3.95%

 (Get Free Alerts for LLY) to grant exclusive rights to research, develop, and commercialize antibody-drug conjugates (ADCs) directed to targets selected by Lilly based on ImmunoGen's camptothecin technology.

• Camptothecins are an important class of anticancer drugs targeting Type I topoisomerase.
• According to the deal, Lilly will pay ImmunoGen an upfront payment of $13 million, reflecting initial targets selected by Lilly.
• Lilly may select a pre-specified number of additional targets, with ImmunoGen eligible to receive an additional $32.5 million in exercise fees if Lilly licenses the full number of targets.
• ImmunoGen can receive up to $1.7 billion in potential target program exercise fees and milestone payments.
• ImmunoGen is also eligible for tiered royalties as a percentage of worldwide commercial sales by Lilly. 
• Lilly is responsible for all costs associated with research and development.
• ImmunoGen retains full rights to the camptothecin platform for all targets not covered by the Lilly license.

https://www.benzinga.com/general/biotech/22/02/25638718/lilly-unites-with-immunogen-in-adc-deal-worth-up-to-1-7b