ImmunoGen has entered into a collaboration agreement with Eli Lilly. Under this agreement, Lilly will pay an upfront fee of $20 million for rights to take a limited number of exclusive licenses to use ImmunoGen's maytansinoid Targeted Antibody Payload (TAP) technology with Lilly monoclonal antibodies to develop novel antibody-drug conjugate (ADC) anticancer therapeutics.

"Today's technological advances offer hope for future cancer patients. Lilly has a diverse pipeline of targeted cancer therapies, and is focused on the development of agents with clear clinical benefit in specific patient populations," said Greg Plowman, M.D., Ph.D., vice president Lilly Oncology Research and senior vice president of research for ImClone. "The use of ImmunoGen's technology to develop antibody-drug conjugates holds promise in helping Lilly achieve these improved outcomes for patients."

Each license taken entitles ImmunoGen to receive milestone payments potentially totaling approximately $200 million and also royalties on the sales of any resulting product(s). ImmunoGen also is entitled to receive financial compensation for any research and/or manufacturing done on behalf of Lilly. Lilly is responsible for the development, manufacturing, and marketing of any products resulting from this agreement.