Agenus (AGEN) - Get Report shares skyrocketed Tuesday after Bristol Myers Squibb (BMY) - Get Report agreed to pay the pharmaceutical company up to $1.56 billion for the rights to its immuno-cancer treatment.
Agenus will get $200 million upfront and potentially up to $1.36 billion in additional payments if the AGEN1777 treatment meets development, regulatory and commercial targets.
“In preclinical studies this approach has shown significant potential in tumor models where anti-PD-1 or anti-TIGIT monospecific antibodies alone are ineffective,” the companies sad.
“Under the agreement, Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide.”
Further “Agenus will retain options to conduct clinical studies under the development plan, to conduct combination studies with certain other Agenus pipeline assets, and also, upon commercialization, to co-promote AGEN1777 in the U.S.,” the companies said.
Agenus recently traded at $4.06, up 24.54%. That puts it up 2% for the last six months. Bristol Myers recently traded at $65.56, up 0.15%.