- ImmunoGen (NASDAQ:IMGN) is up 11% premarket on light volume in response to its announcement of a collaboration and option agreement with Jazz Pharmaceuticals (NASDAQ:JAZZ) for two early-stage hematology-related antibody-drug conjugate (ADC) programs and a third undesignated ADC program.
- The two candidates are Phase 1-stage IMGN779, a CD33-targeted ADC for the potential treatment of acute myeloid leukemia and Phase 1-stage IMGN632, a CD123-targeted ADC for the potential treatment of a range of blood cancers.
- Under the terms of the agreement, ImmunoGen will responsible for the development of the three ADCs prior to any opt-in by Jazz. If Jazz elects to take over a program, it will be responsible for further development, regulatory submissions and commercialization.
- ImmunoGen will receive an upfront payment of $75M and up to $100M over seven years to support development. Jazz may opt-in at any time prior to the start of a pivotal study or any time prior to a BLA filing by paying an option exercise fee of mid-double-digit millions or low-triple-digit millions, respectively.
- For each program Jazz elects to take, ImmunoGen will receive milestone payments and tiered royalties on net sales from mid-to-high-single-digit to low-20%. The companies will share development and regulatory submission costs in the U.S. and EU. ImmunoGen has the right to co-commercialize one product in the U.S. (two under certain conditions) and can elect to share profits in the U.S. in lieu of U.S. milestone payments and applicable royalties.
- Jazz will host a conference call today at 4:30 pm ET to discuss the deal.
- Now read: Hematologic Oncology Portfolio Will Transform Jazz Pharmaceuticals' Fortunes In Future Years
Original article