Royalty roundup: ImmunoGen/TSSR, Takeda/Infinity

ImmunoGen Inc. (NASDAQ:IMGN) rose $0.43 to $8.95 on Tuesday, improving on Monday's gains after it sold its royalty rights for breast cancer drug Kadcyla ado-trastuzumab emtansine to TPG Special Situations Partners ( TSSP) for $200 million. The deal is expected to close next month.

TSSP will receive 100% of the royalty payments from Roche (SIX:ROG; OTCQX:RHHBY) for Kadcyla until the firm has received a total of $235 million or $260 million; the threshold will depend on an undisclosed payment timeline. After the threshold is met, ImmunoGen will receive 85% of the royalty payments and TSSP will receive 15% for the remainder of the royalty term. ...