LAUSANNE, Switzerland and WALTHAM, Massachusetts, May 24, 2017 /PRNewswire/ --
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).
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 &
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 SA
Part 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
http://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 http://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.
Debiopharm International SA Contact
Christelle Tur
Communications Coordinator
christelle.tur@debiopharm.com
Tel.: +41(0)21-321-01-11
ImmunoGen Contact
Monique Allaire
Thrust IR
monique@thrustir.com
Tel. : +1-617-895-9511
Robert Stanislaro
FTI Consulting, Inc.
robert.stanislaro@fticonsulting.com
Tel. : +1-212-850-5657