Debiopharm moves into antibody-drug conjugates acquiring Ph II assets

Privately-held Swiss biotech firm Debiopharm has acquired ImmunoGen’s (Nasdaq: IMGN) IMGN529/DEBIO1562, a clinical-stage anti-CD37 ADC for the treatment of patients with B-cell malignancies, such as non-Hodgkin lymphomas (NHL).

News of the deal, which could net ImmunoGen as much as $55 million, pushed the firm’s shares 4% higher in after-hours trading on Tuesday.

Under the terms of the agreement, ImmunoGen received a $25 million upfront payment for IMGN529/DEBIO1562 and is entitled to a $5 million milestone payment 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/DEBIO1562 entering a Phase III clinical trial.