ImmunoGen (IMGN -0.5%) says that Amgen (AMGN -0.2%) has licensed the exclusive right to use the...

|By:, SA News Editor

ImmunoGen (IMGN -0.5%) says that Amgen (AMGN -0.2%) has licensed the exclusive right to use the company's maytansinoid TAP technology to develop anticancer therapeutics to a third target, which is undisclosed. For each license, IMGN receives a $1M upfront payment and is entitled to receive milestone payments potentially totaling $34M plus royalties on the sales of any resulting products. AMGN is responsible for the development, manufacturing and marketing of any products resulting from the license.