LONDON, UK / ACCESSWIRE / August 31, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) (“Jazz”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=JAZZ. The Dublin based Company announced on August 29, 2017, that it has signed a collaboration and option agreement with ImmunoGen, Inc., (NASDAQ: IMGN) pursuant to which Jazz will receive exclusive, worldwide rights for the development and commercialization of two early-stage, hematology-related antibody-drug conjugate (ADC) programs. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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The programs include IMGN779, a CD33-targeted ADC for the treatment of acute myeloid leukemia in Phase-1 testing, and IMGN632, a CD123-targeted ADC for hematological malignancies expected to enter clinical testing before the end of the year. The agreement also includes an additional program that will be assigned to Jazz during the term of the agreement.
Terms of the Agreement
Prior to opt-in by Jazz, ImmunoGen will undertake the responsibility of the development of the three ADC programs. Following any opt-in, Jazz would be liable for further development and for potential regulatory submissions and commercialization.
Jazz will pay ImmunoGen an upfront payment of $75 million. For supporting the ADC programs, Jazz will also pay ImmunoGen up to $100 million in development funding over seven years.
Jazz can also exercise its opt-in right at any time prior to a pivotal study or any time prior to a biologics license application (BLA), upon payment of an option exercise fee of mid-double digit millions or low triple digit millions, respectively.
For each program to which Jazz elects to opt-in, ImmunoGen would be eligible to receive milestone payments based on receiving regulatory approval of the applicable product, along with tiered royalties as a percentage of commercial sales by Jazz, which would depend upon sales levels and the stage of development at the time of opt-in.
Post opt-in, Jazz and ImmunoGen would share costs associated with developing and obtaining regulatory approvals of the applicable product in the United States and the European Union.
Collaboration Supports Jazz’s Long-Term Commitment of Expanding its Hematology/Oncology Portfolio
Bruce Cozadd, Jazz Pharma’s Chairman and CEO, expressed his happiness to enter into collaboration with ImmunoGen. This investment supports the Company’s long-term commitment to expand its hematology/oncology portfolio with the potential addition of multiple innovative antibody drug conjugates. Bruce added that Jazz is looking forward to the advancement of these ADC programs and the potential synergy of these compounds with its current products and pipeline, as new therapeutic options for cancer patients are urgently needed.
Partnership Advances ImmunoGen’s Goal of Accelerating Development of its Early-Stage Novel ADC Assets
Mark Enyedy, President and CEO of ImmunoGen, commented that this strategic partnership with Jazz significantly advances ImmunoGen’s goal of accelerating the development of its early-stage novel ADC assets. This deal joins the Company with a global partner, provides it with substantial funding to support these programs, and preserves the right to co-commercialize one of these assets. Mark believes that Jazz has demonstrated the ability to bring innovative compounds to patients and will make an ideal partner to help develop and commercialize ImmunoGen’s novel ADC assets targeting AML. He added that this partnership significantly strengthens the Company’s financial position as well.
About IMGN779
IMGN779 is a novel ADC that is a potential treatment for cancers that express CD33, including acute myeloid leukemia (AML). IMGN779 is designed to selectively target cancer cells that express CD33 and kill them via the DNA-acting payload agent DGN462. IMGN779 is in Phase-1 clinical testing for the treatment of AML.
About IMGN632
IMGN632 is a new CD123-targeting preclinical stage ADC that is a potential treatment for AML, myelodysplastic syndrome, B-cell acute lymphocytic leukemia, and other CD123-positive malignancies. IMGN632 utilizes novel payload, linker and antibody technology, and in preclinical models has demonstrated an impressive therapeutic window against CD123-positive malignancies.
Last Close Stock Review
At the closing bell, on Wednesday, August 30, 2017, Jazz Pharma’s stock marginally advanced 0.05%, ending the trading session at $145.94. A total volume of 424.80 thousand shares have exchanged hands. The Company’s stock price surged 7.17% in the past six months and 15.61% in the previous twelve months. Moreover, the stock soared 33.85% since the start of the year. The stock is trading at a PE ratio of 22.23 and currently has a market cap of $8.91 billion.
On Wednesday, August 30, 2017, the stock closed the trading session at $8.47, surging 11.74% from its previous closing price of $7.58. A total volume of 11.51 million shares have exchanged hands, which was higher than the 3-month average volume of 3.07 million shares. ImmunoGen’s stock price soared 77.57% in the last three months, 136.92% in the past six months, and 194.10% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have skyrocketed 315.20%. At Wednesday’s closing price, the stock’s net capitalization stands at $792.62 million.
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