Debiopharm International SA Enters the Field of Antibody-Drug Conjugates Through Acquisition of Phase II Asset from ImmunoGen
May 23 2017 - 4:01PM
Business Wire
Transaction adds innovative clinical-stage program to expanding
Debiopharm portfolio and broadens its clinical development
expertise
Divestiture aligns with ImmunoGen’s focus on strategic growth
initiatives and generates near-term value
Debiopharm International SA (Debiopharm –
www.debiopharm.com), part of Debiopharm Group™, a
Switzerland-based biopharmaceutical company, and ImmunoGen, Inc.
(Nasdaq: IMGN), a leader in the expanding field of antibody-drug
conjugates (ADCs) for the treatment of cancer, today announced that
Debiopharm has acquired ImmunoGen’s IMGN529/DEBIO 1562, a
clinical-stage anti-CD37 ADC for the treatment of patients with
B-cell malignancies, such as non-Hodgkin lymphomas (NHL).
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Under the terms of the agreement, ImmunoGen received a $25
million upfront payment for IMGN529/DEBIO 1562 and is entitled
to a $5 million milestone payment to be paid after completion of
the transfer of ImmunoGen technologies related to the asset, which
the parties expect to achieve by the end of 2017. In addition,
ImmunoGen is eligible for a second success-based milestone payment
of $25 million upon IMGN529/DEBIO 1562 entering a Phase 3
clinical trial.
“The purchase of IMGN529/DEBIO 1562 from a pioneer in the
field of ADCs represents a strategic investment leveraging our
expertise and track record in Oncology and supports our strong
commitment to deliver targeted therapies and precision medicines to
help patients suffering from severe diseases,” stated Bertrand
Ducrey, CEO of Debiopharm.
“IMGN529/DEBIO 1562 has already generated compelling
clinical data and we look forward to further exploring it in
combination with Rituxan®, which could provide an attractive
alternative to conventional chemotherapies for patients with NHL
such as diffuse large-cell B-cell lymphoma (DLBCL),” said Chris
Freitag, vice president of clinical research and development of
Debiopharm.
IMGN529/DEBIO 1562 demonstrated evidence of anticancer
activity in NHL in a Phase 1 monotherapy trial and successfully
completed a safety run-in study in combination with Rituxan®. The
product is now ready to move forward into a Phase 2 trial in NHL,
and particularly in DLBCL for which it has Orphan Drug status.
“With a strong history of developing and bringing oncology drugs
to market, Debiopharm offers the right mix of resources and
capabilities to advance IMGN529/DEBIO 1562 through its next
phase of development,” stated Mark Enyedy, president and chief
executive officer of ImmunoGen. “Consistent with the strategic
review of our portfolio undertaken last fall, this transaction
further enables us to prioritize our development efforts on
mirvetuximab soravtansine and our IGN programs, while generating
near-term value from IMGN529/DEBIO 1562.”
About Debiopharm International SAPart of Debiopharm
Group™ – a Swiss-headquartered global biopharmaceutical group
including five companies active in the life science areas of drug
development, GMP manufacturing of proprietary drugs, diagnostic
tools and investment management –
Debiopharm International SA focuses on developing
prescription drugs that target unmet medical needs. The company
in-licenses and develops promising drug candidates. The products
are commercialized by pharmaceutical out-licensing partners to give
access to the largest number of patients worldwide.
For more information, please see www.debiopharm.com
We are on Twitter. Follow @DebiopharmNews at
http://twitter.com/DebiopharmNews
About ImmunoGen, Inc.ImmunoGen is a clinical-stage
biotechnology company that develops targeted cancer therapeutics
using its proprietary ADC technology. ImmunoGen's lead product
candidate, mirvetuximab soravtansine, is in a Phase 3 trial for
FRα-positive platinum-resistant ovarian cancer, and is in
Phase 1b/2 testing in combination regimens for earlier-stage
disease. ImmunoGen's ADC technology is used in Roche's marketed
product, Kadcyla®, in three other clinical-stage ImmunoGen product
candidates, and in programs in development by partners Amgen,
Bayer, Biotest, CytomX, Lilly, Novartis, Sanofi and Takeda. More
information about the Company can be found
at www.immunogen.com.
Kadcyla® and Rituxan® are the registered trademarks of their
respective owners.
This press release includes forward-looking statements. For
these statements, ImmunoGen claims the protection of the safe
harbor for forward-looking statements provided by the Private
Securities Litigation Reform Act of 1995. It should be noted that
there are risks and uncertainties related to the development of
novel anticancer products, including IMGN529/DEBIO 1562,
including risks relating related to clinical studies, their timing
and results. A review of these risks can be found in ImmunoGen's
Annual Report on Form 10-K for the six-month period
ended December 31, 2016 and other reports filed with
the Securities and Exchange Commission.
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Debiopharm International SA ContactChristelle Tur, +41
(0)21 321 01 11Communications
Coordinatorchristelle.tur@debiopharm.comorImmunoGen
ContactThrust IRMonique Allaire,
617-895-9511monique@thrustir.comorFTI Consulting, Inc.Robert
Stanislaro, 212-850-5657robert.stanislaro@fticonsulting.com
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