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ImmunoGen Shares Drop on Roche Drug Royalty Payments
MINYANVILLE ORIGINAL Shares of ImmunoGen (NASDAQ:IMGN) are dropping after the company disclosed what some investors see as disappointing royalty terms for a promising new cancer drug. ImmunoGen is partnered with Swiss pharmaceutical giant Roche (PINK:RHHBY) in a licensing agreement for the development of a breast cancer treatment that the Food and Drug Administration is considering for approval. The drug trastuzumab emtansine or T-DM1 combines ImmunoGen’s chemotherapy with Roche’s Herceptin to better target cancer. Roche’s Genentech subsidiary applied for FDA approval in August. Roche also applied for approval in Europe. Analysts expect the drug will be approved based on positive ...
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