jumped on Thursday after the company announced an agreement with
to develop antibody-based anticancer products.
In the deal, ImmunoGen will receive $12 million up front and at least $50 million in research funding over a three-year period. France-based Aventis can extend the partnership for one to two years, which could bring the total funding up to $99 million.
Shares of ImmunoGen were up about 30% at $4.86 in afternoon trading.
ImmunoGen said Aventis will retain the commercialization rights to any products created, as well as the rights to three early-stage product candidates ImmunoGen has lined up. They include a potential blood cancer drug, a possible new treatment for solid tumors and a potential new treatment for certain B-cell blood cancers.
Aventis will be responsible for product development, manufacturing and commercialization, and will cover all associated costs, but ImmunoGen said it has the option of co-promotion rights in the U.S. on a product-by-product basis.
Separately, ImmunoGen, based in Cambridge, Mass., was upgraded Thursday by First Albany to buy from neutral.