ImmunoGen partners with Takeda to commercialize Elahere in Japan

US antibody-drug conjugates (ADCs) developer ImmunoGen (Nasdaq: IMGN) has entered into an exclusive collaboration with Takeda Pharmaceutical (TYO: 4502) to develop and commercialize Elahere (mirvetuximab soravtansine-gynx; MIRV) in Japan, with the news sending the firm’s shares up as much as 3% to $15.68 this morning

Subject to the terms of the agreement, Takeda will obtain an exclusive license in Japan to develop and commercialize MIRV in all indications. In return, Takeda said it will make a one-time upfront payment and an additional payment upon conversion of US Food and Drug Administration (FDA) accelerated approval of MIRV in platinum-resistant ovarian cancer to full approval totaling 5 billion yen ($34.5 million) to ImmunoGen. In addition, milestone payments based on achievement of regulatory and sales and royalties on sales may be payable.

This is the third licensing deal for ImmunoGen this year, adding to an agreements with Canada’s ImmunoBiochem Corp, and one with Vertex Pharmaceuticals (NYSE: VRTX) which could earn it around $350 million.