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UPDATE 1-ImmunoGen licenses anti-cancer technology to Amgen

* ImmunoGen to get $1 mln upfront payment

* Up to $34 mln in milestone payments

Nov 19 (Reuters) - Drugmaker ImmunoGen Inc IMGN.O said it licensed its technology to develop anti-cancer drugs to Amgen Inc AMGN.O for a $1 million upfront payment.

ImmunoGen is also entitled to receive milestone payments of up to $34 million and royalties on the sale of any resulting products. This is Amgen’s second such license for the use of ImmunoGen’s maytansinoid targeted antibody payload (TAP) technology to develop anticancer therapeutics to an undisclosed target.

In September, Amgen had licensed the exclusive right to use the TAP technology for another undisclosed cancer target.

Shares of the company closed at $8.04 Thursday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Maju Samuel)

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