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IMGN > SEC Filings for IMGN > Form 8-K on 13-Dec-2013All Recent SEC Filings

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Form 8-K for IMMUNOGEN INC


13-Dec-2013

Entry into a Material Definitive Agreement


ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

Effective December 9, 2013, ImmunoGen, Inc. (referred to as "we" or "us") and Eli Lilly and Company ("Lilly") amended the Multi-Target Agreement that we entered into with Lilly on December 19, 2011 (the "Multi-Target Agreement") and the first development and commercialization license that was taken thereunder on August 26, 2013 (the "License Agreement"). Under these amendments, Lilly now has the right to extend the three-year right-to-test period of the Multi-Target Agreement for up to two six-month periods by payment to us of additional consideration. In addition, Lilly will retroactively pay us an exercise fee of $2,000,000 for the License Agreement, with the right to elect which one of the additional development and commercialization licenses, if any, taken under the Multi-Target Agreement will have no exercise fee. Prior to these amendments, the Multi-Target Agreement provided for no extension of the right-to-test period, that no exercise fee was payable in connection with the first development and commercialization license taken thereunder, and that we would be entitled to receive an exercise fee of $2,000,000 for every subsequent development and commercialization license.

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