Drugmaker ImmunoGen Inc said it licensed its technology to develop anticancer drugs to Amgen Inc.

ImmunoGen will receive a $1 million payment upfront and is also entitled to receive milestone payments of up to $34 million and royalties on the sales of any resulting products.

Amgen is responsible for the development, manufacturing, and marketing of any products resulting from this license, ImmunoGen said.

The company said Amgen will use its maytansinoid targeted antibody payload technology to develop anticancer therapeutics to an undisclosed target found on solid tumors.

Shares of ImmunoGen closed at $7.96, while Amgen closed at $59.69 Wednesday on Nasdaq.

(Reporting by Anand Basu in Bangalore; Editing by Vinu Pilakkott)