Bayer Buys License to ImmunoGen Cancer Drug Technology

10/21/08

ImmunoGen, a Waltham, MA-based drug developer, said today that Bayer has obtained an exclusive worldwide license to its Tumor-Activated Prodrug technology, which allows a drug to remain safe and stable in the blood, and then release a cell-killing agent when it gets inside tumors. ImmunoGen (NASDAQ: IMGN) will get $4 million upfront, plus milestone payments of as much as $170 million for each drug Bayer develops with the technology, and royalties on sales if any become marketed products. Bayer will use the license to aim at an undisclosed target on solid tumors.

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