ImmunoGen Earns Milestone with BAY 94-9343 IND Submission

ImmunoGen, Inc. IMGN today announced 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. 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. “BAY 94-9343 is a promising therapeutic for mesothelin-expressing cancers,” commented Daniel Junius, ImmunoGen President and CEO. “In addition to BAY 94-9343, we expect five other TAP compounds to advance into clinical testing in next twelve months – two developed and wholly owned by ImmunoGen and three through our collaborations with other companies. Overall, we anticipate that there will be twelve TAP compounds in the clinic by this time next year.”