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To: Michaelste who wrote (60683)	3/10/1999 8:29:00 PM
From: TsioKawe	Respond to of 119973

Immunogen Shares Soar Amid Hopes Company Will Be Acquired Norwood, Massachusetts, March 10 (Bloomberg) -- Immunogen Inc. shares soared as much as 39 percent amid hopes the developer of cancer drugs will be acquired. Shares in the Norwood, Massachusetts-based company rose 23/32 to close at 2 31/32 in trading of 3.1 million, 10 times the three-month daily average. Earlier, they touched 3 1/8. Immunogen Chairman and Chief Executive Mitchel Sayare declined to discuss whether he's considering the sale of the company, saying it's company policy not to comment on such issues. Speculation that Immunogen is an acquisition target has grown over the past month, analysts said. During that period the company disclosed a marketing agreement with drugmaker SmithKline Beecham Plc for an experimental colo-rectal cancer treatment, announced receipt of a patent related to its cancer-fighting technology and made a presentation at a New York investors conference sponsored by the Biotechnology Industry Association. ''The company's got something promising in cancer, and it's cheap'' with a market value of about $70 million, said Stephen Flaks, who manages a $70 million biotechnology hedge fund. That makes the company a likely acquisition target, Flaks said. Flaks said he's bought shares in Immunogen over the past month amid hopes the company will be acquired.