ImmunoGen (IMGN) Inks Mirvetuximab Development Deal in China
ImmunoGen, Inc. IMGN announced that it has entered into a strategic collaboration with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., a wholly-owned subsidiary of China-based Huadong Medicine, granting exclusive rights to develop and commercialize mirvetuximab soravtansine (mirvetuximab) in Greater China — which includes mainland China, Hong Kong, Macau, and Taiwan.
Please note that ImmunoGen is developing its antibody drug conjugate (“ADC”), mirvetuximab, as a single-agent therapy for platinum-resistant ovarian cancer in two phase III studies. The company is also developing the candidate in combination regimens for ovarian cancer. The company is targeting a potential launch in 2022.
Per the terms of the agreement, ImmunoGen will receive an upfront payment of $40 million. The company is also eligible to receive additional milestone payments of up to $265 million related to certain development, regulatory, and commercial objectives. Huadong Medicine will also pay Immunogen royalties as a percentage of potential mirvetuximab commercial sales in Greater China.
Meanwhile, Huadong Medicine will be responsible for developing mirvetuximab in Greater China as well as for potential regulatory submissions and commercialization of the candidate in the territory. However, a joint steering committee comprising individuals from both companies will look after these activities. Huadong Medicine may also participate in global clinical studies of mirvetuximab conducted by ImmunoGen.
Following the agreement, ImmunoGen will retain all rights to mirvetuximab in the rest of the world (outside Greater China) and will continue to be responsible for the development and commercialization of mirvetuximab in the United States and other geographies.
Moreover, this collaboration with Huadong Medicine will allow ImmunoGen to access its partner’s extensive regional experience, the right development and regulatory capabilities, as well as a deep local network of hospitals and clinics across Greater China. These factors will help ImmunoGen to accelerate development path and potential commercialization of its potential ovarian cancer therapy in the second largest pharmaceutical market in the world.
Shares of ImmunoGen were up 3.4% in after-market trading on Oct 19, following the announcement. The company’s shares have gained 10.6% so far this year against the industry’s 6.1% decline.
Apart from its lead pipeline candidate mirvetuximab, ImmunoGen is also developing its novel CD123-targeted ADC, IMGN632, in several forms of blood cancer. Two phase II studies are evaluating IMGN632 in combination with Bristol-Myers’ BMY Vidaza and Roche/AbbVie’s ABBV Venclexta in patients with relapsed/refractory AML. Another study is evaluating IMGN632 as a monotherapy for treating minimal residual disease in AML patients following frontline induction therapy. The company is developing IMGN632 in collaboration with Jazz Pharmaceuticals JAZZ for CD123-positive hematologic malignancies. The candidate is also being developed for treating relapsed/refractory blastic plasmacytoid dendritic cell neoplasm.
ImmunoGen, Inc. Price
ImmunoGen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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