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's happening: Shares in ImmunoGen (IMGN) jumped by as much as 10% earlier today after the company reported that it had inked a deal to sell some of its royalty rights to the breast cancer drug Kadcyla for $194 million, net of fees.

Why it's happening: ImmunoGen has 17 drugs that are in human clinical trials, and the costs associated with developing those drugs is likely to increase as more of them make their way into large, late stage studies.

In a bid to shore up its finances ahead of this expected increase in research spending, Immunogen has cut a deal with TPG Special Situations Partners, or TSSP that nets ImmunoGen a healthy upfront payment of nearly $200 million in exchange for ImmunoGen's royalties on Roche Holdings' Kadcyla.

Specifically, TSSP will receive 100% of ImmunoGen's royalty payments on Kadycla until TSSP has received a total of either $235 million or $260 million, depending on the timing.

Once that revenue target has been achieved, TSSP will receive 15% of Kadcyla's royalty payments, while ImmunoGen will receive the remaining 85%.

Thanks to a licensing agreement with Roche for ImmunoGen's drug-targeting technology, the company receives between 2% and 5% of Kadcyla sales. However, ImmunoGen's royalty revenue from Roche totaled just $4.6 million in the fourth quarter. As a result, this deal appears to unlock significant value that has otherwise been slow to materialize for ImmunoGen, and it does it without diluting investors or incurring debt.