Why ImmunoGen, Inc. Jumped Higher Today

Shares of ImmunoGen (NASDAQ: IMGN) are up 17.5% at 12:50 p.m. EDT after the company announced an option deal with Jazz Pharmaceuticals (NASDAQ: JAZZ) for three antibody-drug conjugate (ADC) drugs targeting blood cancers.

The deal covers IMGN779, a CD33-targeted ADC for the treatment of acute myeloid leukemia that is currently in phase 1 development; IMGN632, a CD123-targeted ADC for blood cancers that's on pace to enter clinical testing before the end of the year; and a third yet-to-be-named drug.

Part of the attraction of ImmunoGen is its ADC platform, which can spit out drugs as fast as ImmunoGen can find antibodies that bind preferentially to tumor cells. Adding the drug conjugate is the relatively easy part now that the company has the platform mastered.

Source: Fool.com