ImmunoGen, Inc. Announces that the sanofi-aventis Group Has Extended its Research Collaboration with the Company
ImmunoGen, Inc. announced that Aventis Pharmaceuticals Inc. of the sanofi-aventis Group has exercised its right to extend the term of its research collaboration with the Company and committed to fund ImmunoGen $18.2 million in research support over the twelve months beginning September 1, 2006. This funding is in addition to the research support already committed for the three years ending August 31, 2006.
In July 2003, ImmunoGen and Aventis Pharmaceuticals, Inc. established a collaboration to discover, develop, and commercialize novel antibody-based anticancer products, an agreement that was maintained by the sanofi-aventis Group subsequent to Sanofi-Synthelabo's acquisition of Aventis in 2004. The agreement included an upfront payment and committed research support funding to ImmunoGen for the three-year period beginning September 1, 2003. The collaboration agreement also entitles ImmunoGen to milestone payments and royalties on compounds that result from the research collaboration, as well as manufacturing payments for material produced for the sanofi-aventis Group.
The 2003 agreement allows the sanofi-aventis Group to extend the term of the research collaboration for two additional one-year periods - the year beginning September 1, 2006, for which the extension right now has been exercised, and the year beginning September 1, 2007 - by providing ImmunoGen with one year of notice for each extension.
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