CORRECT: ImmunoGen To Collaborate With Lilly On Cancer Drugs

("CORRECT: ImmunoGen To Collaborate With Lilly On Cancer Drugs" published at 10:37 a.m. ET, misstated the amount of potential milestone payments in the first paragraph. The correct version follows:)

 
  DOW JONES NEWSWIRES 
 

ImmunoGen Inc. (IMGN) agreed to a collaboration with Eli Lilly & Co. (LLY) potentially valued at $20 million plus potential milestone payments of $200 million per drug in which the pharmaceutical company will get exclusive licensing rights to some of ImmunoGen's antibody-based cancer therapies.

A number of major pharmaceutical companies have been taking steps to fill their pipelines as they cope with a patent cliff, including such collaborations with smaller drug developers.

Under the agreement, each license entitles ImmunoGen to receive milestone payments as well as royalties on any products that result from the collaboration, though the number of targets weren't disclosed.

ImmunoGen's maytansinoid targeted antibody payload technology is designed to deliver cancer-fighting drugs directly to tumor cells.

The company has collaborative agreements with several other major drug makers including Amgen Inc. (AMGN), Novartis AG (NVS, NOVN.VX) and Sanofi SA (SNY, SAN.FR).

Shares of ImmunoGen and Lilly closed Monday at $11.36 and $40.74, respectively. Neither was active premarket.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481;

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