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The Boston Globe

Business

Mass. Movers

ImmunoGen climbs on Novartis deal

Shares of Waltham’s ImmunoGen Inc., a biotech firm that develops novel anticancer therapeutics using its antibody-drug conjugate technology, rose on a license deal with Novartis to use the company’s ADC technology to develop anticancer therapeutics. ImmunoGen said the Swiss drug giant would pay an upfront fee plus milestone payments of up to $200 million, with royalties from any approved drugs on top of that. This is the second licensing deal Novartis has to use ImmunoGen’s technology.

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