ImmunoGen (IMGN) Stock Gains Today on Japanese Licensing Agreement
NEW YORK (TheStreet) -- ImmunoGen (IMGN) - Get Report shares are up 17.07% to $8.74 in early market trading on Monday after the biotechnology company announced a licensing agreement with Japanese company Takeda Pharmaceutical (TKPYY) .
ImmunoGen will receive $20 million up front from Takeda in exchange for the company to be given use of ImmunoGen's technology in order to develop cancer treatments. ImmunoGen is eligible for milestone payments totaling $210 million plus royalties on sales while Takeda will handle marketing of any potential products.
"Takeda shares our commitment to developing novel anticancer therapies that meaningfully improve the lives of patients, and we look forward to collaborating with them to create important new ADC product candidates," said Daniel Junius, ImmunoGen President and CEO.
"ADC technology is a critically important tool in addressing unmet needs in oncology. By partnering with ImmunoGen, we are able to leverage this important technology in Takeda's R&D program and bring novel agents through the clinic," added Christopher Claiborne, Ph.D., Head of the Oncology Drug Discovery Unit at Takeda.
Separately, TheStreet Ratings team rates IMMUNOGEN INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate IMMUNOGEN INC (IMGN) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: IMGN Ratings Report
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