If anyone missed this news..........'kind of big"!
Regulation FD Disclosure
ITEM 7.01 - REGULATION FD DISCLOSURE
On August 26, 2013, ImmunoGen, Inc. (referred to as "we," "us" or the "Company") entered into a license agreement with Eli Lilly and Company ("Lilly") granting Lilly rights to use our maytansinoid-based Targeted Antibody Payload (TAP) technology to develop and commercialize products directed to a specific antigen target on an exclusive basis. This license was granted pursuant to the terms of an existing Multi-Target Agreement entered into by the Company and Lilly in 2011.
In accordance with the terms of the Multi-Target Agreement, execution of the license agreement entitles us to receive development, regulatory and sales milestone payments potentially totaling $200.5 million, as well as royalties on the commercial sales of any resultant products.
one could only hope they fired the unfriendly IR person, but I doubt it. Maybe if/when Junius is replaced they will clean house in all things related to company communications and bring in a real biotech IR/PR pro that is shareholder friendly. I am sure LLY is keeping the details under wraps for competitive reasons. Curious to see if the LLY drug will compete with IMGN's 289. BTW as another poster pointed out, this was not a new licensing deal, just progress under the deal they signed 2 years ago.
Agreed, seems odd???? Has to be a reason for no PR on this. LLY???? Their king of the A hole pile in my book. Actually run from most companies they partner with, but hopefully IMGN is enough of its on entity to keep them in their place.