ImmunoGen's Stock Jumps After Licensing Deal With Japan's Takeda

Shares of ImmunoGen Inc. soared 18% in premarket trade Monday, after the biotechnology company announced a deal to license its anticancer therapeutics delivery technology for up to two targets exclusively to Japan's Takeda Pharmaceutical Co. . Under terms of the deal, ImmunoGen will receive an upfront payment of $20 million for each target, and is eligible to receive milestone payments of up to $210 million plus royalties on any net sales. Takeda will be responsible for the development, manufacturing and marketing of any products based on ImmunoGen technology. ImmunoGen's stock has rallied 22% year to date, compared with a 2.4% gain in the S&P 500.