ImmunoGen Inc. said Thursday that Amgen Inc. licensed rights to a second potential cancer-treatment from the company for $1 million upfront.
Immunogen develops cancer treatments using its Tumor-Activated Prodrug, or TAP, technology. The technology uses antibodies to deliver a killer agent to a cell. It is part of a larger movement to develop more accurate cancer therapies that can target and neutralize specific cells.
Aside from the upfront payment, the current deal entitles ImmunoGen to recieve milestone payments potentially totaling $34 million plus royalties on the sales of any resulting products.
In September, Amgen licensed rights to the same technology for a different target. Both the prior and current licensing deals are for undisclosed cancer targets.
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Shares of ImmunoGen fell 36 cents, or 4.3 percent, to close at $8.04.