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Agenus to Receive $20 Million Payment from Bristol Myers Squibb for AGEN1777; Shares Up Pre-Bell

9:19AM ET 10/12/2021 MT Newswires
Agenus (AGEN) said Tuesday it has triggered a $20 million cash payment under its global licensing agreement with Bristol Myers Squibb (BMY) for AGEN1777 to treat tumors.

Agenus will receive the cash payment with the dosing of the first patient in a phase 1 study to evaluate the safety, tolerability, and preliminary clinical activity of AGEN1777 as a single agent and in combination with a PD-1 inhibitor in patients with advanced solid tumors.

The deal with Bristol Myers Squibb included a $200 million upfront payment paid in July 2021, and up to $1.36 billion in development, regulatory and commercial milestones, and tiered double-digit royalties on net product sales. Bristol Myers Squibb is responsible for developing and commercializing AGEN1777 and its related products worldwide.

Agenus has options to conduct clinical studies under the development plan, to conduct combination studies with certain other Agenus pipeline assets, to co-fund global development for increased US royalties, and to co-promote AGEN1777 in the US.

Shares of Agenus are up more than 1% in premarket trading.

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