BioCentury
ARTICLE | Company News

ImmunoGen slides on details of T-DM1 royalty rate

October 27, 2012 1:08 AM UTC

ImmunoGen Inc. (NASDAQ:IMGN) fell $2.31 (17%) to $11.47 on Friday after disclosing it will receive a tiered royalty rate from Roche (SIX:ROG; OTCQX:RHHBY) and its Genentech Inc. unit for cancer compound T-DM1 that is lower than what the Street expected. ImmunoGen said during its quarterly results call that the tiered royalty rate is 3-5%. Analysts had been expecting a slightly higher royalty rate, ranging from a flat 5% or a tiered rate of 5-6%. ...