Ropes & Gray Advises ImmunoGen in Global Multi-Target License Agreement with Lilly for Up to $1.7 Billion
Ropes & Gray advised ImmunoGen, a leader in the field of antibody-drug conjugates for the treatment of cancer, in a global, multi-year licensing agreement that granted Eli Lilly and Company exclusive rights to research, develop and commercialize ADCs to disease targets selected by Lilly based on ImmunoGen’s novel camptothecin drug technology. The deal was announced on February 15.
As part of the agreement, Lilly will pay ImmunoGen an upfront payment of $13 million, reflecting initial targets selected by Lilly. Lilly may select a pre-specified number of additional targets, with ImmunoGen eligible to receive an additional $32.5 million in exercise fees if Lilly licenses the full number of 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. ImmunoGen is also eligible for tiered royalties as a percentage of worldwide commercial sales by Lilly. Lilly is responsible for all costs associated with research and development.
The Ropes & Gray team was led by life sciences partner Abigail Gregor (Boston) and included life sciences associate Rob Treut (Boston).