Immunogen pops on Genetech deal
BOSTON May 3, 2005 - Shares of Immunogen shot up
substantially on Tuesday morning after it announced it had renewed a drug
development agreement with biotechnology heavyweight Genentech.
Immunogen (IMGN) shares were up 11% at $5.72 in early trade, while Genentech
(DNA) shares inched up 0.5% to $70.64.
Immunogen said Genentech has opted to renew a three-year contract for
Immunogen's proprietary drug development technology, Tumor-Activated Prodrug
(TAP). Genenetch will use TAP to develop oncology drug candidates based on
its therapeutic proteins.
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