Sanofi, Debiopharm Deals Buy ImmunoGen Extra Time
ImmunoGen has turned around two cash-generation deals in a week as it seeks to extend its funding and narrow its focus. It has sold one asset to Debiopharm and foregone future royalties on five products licensed to Sanofi in exchange for an upfront lump sum.
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The clinical disappointment for Hoffman-La Roche's Kadcyla (trastuzumab emtansine) in December 2014 has forced Boston-based ImmunoGen, which licenses the toxin and linker of Kadcyla to Roche, into an expensive $200m deal on its near-term royalties on Kadcyla for cash to maintain R&D spending. Under the deal, ImmunoGen will receive the cash in early April 2015 from TPG Special Situations Partners (TSSP), a specialist finance house, and then will see nothing of the Kadcyla royalty stream until TSSP has received at least $235m (if the royalties flow in) or $260m (if it's a trickle).
A snapshot of the compensation packages of CEOs and R&D leaders of the world’s biggest pharmaceutical companies, alongside median employee pay and key company performance metrics.