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ImmunoGen Inc. has agreed to work with Novartis on targeted anticancer therapeutics developed using ImmunoGen’s Targeted Antibody Payload (TAP) technology, in a deal potentially worth nearly $250 million – and potentially much more.

The agreement calls for Novartis to pay a $45 million upfront fee to ImmunoGen (Nasdaq: IMGN) in exchange for exclusive rights to use the TAP technology with antibodies to antigen targets chosen by Novartis. For each target that results in an anticancer therapeutic, ImmunoGen could receive milestone payments potentially totaling $200.5 million plus royalties on product sales, if any.

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