Ropes & Gray Advises ImmunoGen in Global Multi-Target License and Option Agreement with Vertex

Ropes & Gray represented ImmunoGen, Inc., a leader in the field of antibody-drug conjugates, in a global, multi-target license and option agreement that granted Vertex Pharmaceuticals rights to conduct research using ImmunoGen’s ADC technology to discover novel targeting conditioning agents for use with gene editing. Following the research period for each target, Vertex will have the option to obtain a worldwide, exclusive license to research, develop and commercialize products using ImmunoGen’s technology for the target. ImmunoGen will retain full rights to the ADC technology for all targets not covered by the Vertex license. The transaction was announced on March 1.

As part of the agreement, Vertex will pay ImmunoGen an upfront payment of $15 million. ImmunoGen is eligible to receive up to $337 million in option exercise fees and milestone payments per target. ImmunGen will be eligible to receive tiered royalties as a percentage of worldwide commercial sales of novel licensed targeted conditioning agents by Vertex. Vertex is responsible for all research, development and commercialization and related costs.

The Ropes & Gray team was led by life sciences licensing partner Abigail Gregor and litigation & enforcement partner Ruchit Patel.