TOKYO (dpa-AFX) - ImmunoGen, Inc. (IMGN), a biopharmaceutical company, announced on Monday that it has entered into an exclusive collaboration with Japanese biopharma firm Takeda Pharmaceutical Co. Ltd. (TAK) to develop and commercialize Elahere in Japan.
Under the collaboration terms, ImmunoGen will receive $34 million in a one-time upfront payment of $34 million, near term milestone payments as well as potential regulatory and commercial milestone payments. The companies said that upon conversion from the FDA for the approval of Elahere in platinum-resistant ovarian cancer treatment, it will receive an additional payment.
It will also receive additional payments if Takeda achieves pre-specified regulatory and commercial milestones as well as double-digit royalties on future net sales of ELAHERE in Japan.
ImmunoGen has retained exclusive production rights to supply products for development and commercial use in Japan.
Takeda will receive an exclusive license to develop and commercialize the drug in Japan and be responsible for all regulatory filings and obligations.
'The data from the Phase 3 MIRASOL study demonstrate the potential for ELAHERE to become the new standard of care for this devastating disease, and we are confident this collaboration with ImmunoGen will bring significant value to patients in Japan,' said Teresa Bitetti, President of the Global Oncology Business Unit at Takeda.
In pre-market activity, shares of ImmunoGen are trading at $16.00 down 0.81% on Nasdaq. Shares of Takeda closed at $15.23 up 0.59% on the New York Stock Exchange, on Friday.
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