• ImmunoGen Inc (NASDAQ: IMGN) announced a global, multi-target license and option agreement that granted Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) rights for ImmunoGen's ADC technology to discover targeted conditioning agents for use with gene editing.

• After each target's research period, Vertex will have the option to obtain a worldwide, exclusive license to research, develop, and commercialize conditioning agents employing ImmunoGen's technology for that target.

• ImmunoGen will retain full rights to the ADC technology for all targets not covered by the Vertex license.

• Vertex will pay ImmunoGen an upfront payment of $15 million. ImmunoGen can receive up to $337 million in option exercise fees, development, and commercial milestone payments per target.

• Vertex is responsible for all research, development, commercialization, and related costs.

• The company reported Q4 revenues of $41.2 million compared to $28.0 million a year ago and the consensus of $17.23 million.

• ImmunoGen had $275.1 million in cash and cash equivalents.

• The company reported a Q4 EPS loss of $(0.23), compared to the consensus loss of $(0.30) and $(0.17) a year ago.

• Price Action: IMGN shares are down 4.77% at $3.70 on the last check Wednesday.

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This article ImmunoGen Allows Vertex Pharma Use Its Technology For Conditioning Agents For Use With Gene Editing originally appeared on Benzinga.com

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