ImmunoGen (Nasdaq:IMGN) Earns $2M Milestone Payment

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ImmunoGen (IMGN) recently reported that Bayer HealthCare Pharmaceuticals’ submission of an Investigational New Drug application for the TAP compound, BAY 94-9343, triggers a $2 million milestone payment to ImmunoGen— BAY 94-9343 is in development by Bayer HealthCare under an agreement with ImmunoGen that grants Bayer HealthCare exclusive rights to use the Company’s maytansinoid TAP technology to develop anticancer therapeutics that target mesothelin— Mesothelin is highly expressed on mesotheliomas and on many ovarian and pancreatic carcinomas—In preclinical testing, BAY 94-9343 demonstrated potent, targeted anticancer activity against mesothelin-expressing tumors—Under this agreement, ImmunoGen is entitled to receive milestone payments potentially totaling up to $170.5 million for each resulting product plus royalties on sales