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)