ImmunoGen, Inc.
immunogen.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 2, 2023. Its latest SEC filing is a 15-12G from Feb 22, 2024.
10-Q for Q3 FY2023, filed Nov 2, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Develops and sells targeted cancer medicines that attach cancer-killing drugs to antibodies, including ELAHERE for ovarian cancer and candidates for blood and solid tumors.
10-K for FY2022, filed Mar 1, 2023We are a commercial-stage biotechnology company focused on developing and commercializing the next generation of antibody-drug conjugates…View ↗
An ADC with our proprietary technology comprises an antibody that binds to a target found on tumor cells and is conjugated to one of our…View ↗
ELAHERE is a first-in-class ADC targeting folate receptor alpha (FRα), a cell-surface protein over-expressed in a number of epithelial…View ↗
Pivekimab sunirine (PVEK), formerly known as IMGN632, is an ADC comprised of a high-affinity antibody designed to target CD123 with…View ↗
How Did They Make Money?
ImmunoGen sells ELAHERE to U.S. specialty distributors and pharmacies, with sales tied to delivery. Collaborators pay upfront for licenses, milestone payments when development, regulatory or sales goals are reached, fees for requested services as performed, and royalties on resulting product sales.
10-K for FY2022, filed Mar 1, 2023The Company generates product revenue from sales of ELAHERE in the U.S. to a limited number of specialty distributors and specialty…View ↗
Product revenue is recognized when the customer takes control of the product, typically upon delivery to the customer. Product revenue is…View ↗
Generally, development and commercialization licenses contain non-refundable terms for payments and, depending on the terms of the…View ↗
The Company recognizes revenue related to technology transfer activities and other services as the services are performed. The Company is…View ↗
The Company’s development and commercialization license agreements have milestone payments which for reporting purposes are aggregated into…View ↗
For development and commercialization license agreements that include sales-based royalties, including milestone payments based on the…View ↗
$108.8M
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10-K for FY2022, filed Mar 1, 2023
$108.8M ↗
Who Were Their Customers?
In the U.S., specialty distributors and specialty pharmacy providers buy ELAHERE, then resell it or dispense it to patients. Other companies license ADC technology and collaborate on development.
10-K for FY2022, filed Mar 1, 2023The Company generates product revenue from sales of ELAHERE in the U.S. to a limited number of specialty distributors and specialty…View ↗
Collaborating on ADC development with other companies allows us to enhance our capabilities, extend the reach of our proprietary platform…View ↗
Development and commercialization licenses, which provide the counterparty with the right to use the Company’s ADC technology and/or…View ↗
Did Revenues Turn Into Profits?
No. It lost $222.9M in FY2022.
10-K for FY2022, filed Mar 1, 2023
−$220.9MView ↗
10-K for FY2022, filed Mar 1, 2023
−$222.9MView ↗
10-K for FY2022, filed Mar 1, 2023
−$231.2MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2023, filed Nov 2, 2023
$30.7MView ↗
- ▲ Now profitable
- vs −$77.8M in Q3 FY2022
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Feb 12, 2024
AbbVie completed its acquisition of ImmunoGen
Shares converted into cash, and ImmunoGen requested delisting of its common shares from Nasdaq.
Sources
8-K, filed Feb 12, 2024
Item 2.01 Completion of Acquisition or Disposition of Assets.View ↗
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Nov 30, 2023
AbbVie agreed to acquire ImmunoGen
The agreement provided for $31.26 per share in cash, subject to shareholder and regulatory approvals.
Sources
8-K, filed Nov 30, 2023
Under the terms of the transaction, AbbVie will acquire all outstanding shares of ImmunoGen for $31.26 per share in cash. The transaction…View ↗
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Nov 2, 2023
ImmunoGen maintained its 2023 financial guidance
It expected $45 million to $50 million in revenue excluding ELAHERE product revenue and $350 million to $365 million in operating expenses.
Sources
8-K, filed Nov 2, 2023
revenues, excluding product revenue from ELAHERE, between $45 million and $50 million; and operating expenses between $350 million and $365…View ↗
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Sep 18, 2023
ImmunoGen appointed Lauren White as CFO
Sources
8-K, filed Sep 18, 2023
Effective September 18, 2023, ImmunoGen, Inc. (the “Company”) appointed Lauren White as Senior Vice President and Chief Financial Officer…View ↗
Grew. Revenue grew 2.0x in 4 years, from $53.4M in FY2018 to $108.8M in FY2022, about 19% a year.
ELAHERE entered commercial sales
The older report described mirvetuximab as an investigational lead program pursuing approval; the latest report describes ELAHERE as FDA-approved and says U.S. sales began.
10-K for FY2019, filed Mar 11, 2020 10-K for FY2022, filed Mar 1, 2023Our lead program is mirvetuximab soravtansine, a first-in-class investigational ADC targeting folate-receptor alpha, or FRα, a cell-surface…View ↗
ELAHERE is a first-in-class ADC targeting folate receptor alpha (FRα), a cell-surface protein over-expressed in a number of epithelial…View ↗
Who Did They Compete With?
Competes with Mersana Therapeutics, Eisai, Sutro BioPharma, Pfizer, Seattle Genetics, Roche, Astellas, AstraZeneca, Daiichi Sankyo, GlaxoSmithKline, AbbVie, and Menarini Group
10-K for FY2022, filed Mar 1, 2023We focus on highly competitive areas of product development. Our competitors include major pharmaceutical companies and other biotechnology…View ↗
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