Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of ImmunoGen (NASDAQ:IMGN) -- an anticancer therapeutics company that develops in-house and partnered compounds utilizing its targeted antibody payload technology -- soared by as much as 14% after announcing a collaborative licensing agreement with Novartis (NYSE:NVS).

So what: According to ImmunoGen's press release today, ImmunoGen's granted Novartis a license to use its proprietary TAP technology for the study of an unspecified cancer target. This would mark the third such collaborative agreement between Novartis and ImmunoGen and the fifth large licensing deal ImmunoGen has struck just this year with big pharmaceutical companies. ImmunoGen also notes that the terms for this licensing agreement were consistent with the agreement announced exactly one month ago today with Novartis whereby it receives an upfront payment and has the ability to earn up to another $200 million in royalties.

Now what: This is precisely the sort of pick-me-up that shareholders needed after ImmunoGen shelved its most advanced in-house therapy, IMGN901, last week. One thing to remember about ImmunoGen and its proprietary TAP technology is that it does have an approved drug already on the market in Kadcyla. Therefore, the efficacy of its technology isn't so much in question anymore, which lends itself to multiple collaborative and licensing opportunities. It's for this reason -- as well as its more than one dozen combined in-house and partnered trials that are ongoing -- that I feel ImmunoGen needs to remain a biotech you watch very closely!