ImmunoGen Inc. shares IMGN, +5.23% jumped 7% in premarket trade Tuesday, after the company announced a license agreement with Eli Lilly & Co. LLY, +3.65% of its Novel Camptothecin ADC Platform for up to $1.7 billion in potential payments. Camptothecins are a class of cancer drugs. Under the terms of the deal, ImmunoGen will receive $13 million upfront and up to $32.5 million for meeting certain targets. “ImmunoGen is eligible to receive up to $1.7 billion in potential target program exercise fees and milestone payments based on the achievement of pre-specified development, regulatory, and commercial milestones,” the company said in a statement. It will also be eligible for certain tiered royalties as a percentage of worldwide sales. ImmunoGen shares have fallen 47% in the last 12 months, while the S&P 500 SPX, +1.52% has gained 12%.
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