ImmunoGen strikes deal to commercial oncology asset in China
Antibody drug conjugate (ADC) specialist ImmunoGen’s (Nasdaq: IMGN) shares were up 3.4% at $5.84 pre-market as it announced an exclusive collaboration with Hangzhou Zhongmei Huadong Pharmaceutical to develop and commercialize mirvetuximab soravtansine in mainland China, Hong Kong, Macau, and Taiwan (Greater China). ImmunoGen will retain all rights to mirvetuximab in the rest of the world.
The Chinese firm is wholly-owned subsidiary of Huadong Medicine (SZ: 000963), whose shares rose as much as 5.3%, and closed 4% higher at 26.55 renminbi.
This collaboration provides the US biotech with access to the world’s second largest pharmaceutical market via Huadong Medicine’s development, regulatory, and commercial capabilities, while supporting Huadong Medicine’s growth strategy to build a deep portfolio of oncology, endocrinology, and autoimmunology candidates. Mirvetuximab adds a compelling late-stage oncology asset to Huadong Medicine’s portfolio, the company said.
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