ImmunoGen signs another licensing agreement with Novartis

|About: Novartis AG (NVS)|By:, SA News Editor

Novartis (NVS) has signed a third agreement this year to license ImmunoGen's (IMGN) antibody-drug conjugate (ADC) technology to develop cancer therapies.

This is the fifth license that ImmunoGen has signed with a major healthcare company in 2013, with Eli Lilly and Amgen also using the tech.

The terms of the latest Novartis agreement are consistent with a license announced last month. Under a 2010 agreement, the Swiss giant pays an upfront fee to ImmunoGen for each permit, milestone payments of up to $200M, and any royalties on sales.

Surprisingly, Immunogen's shares are -4.2%. (PR)