Agenus (NASDAQ: AGEN) and Incyte (NASDAQ: INCY) are both trading higher this morning after the companies announced the amendment of an agreement signed in January, changing the ongoing GITR and OX40 antibody programs from co-funded development and profit-sharing arrangements to royalty-bearing programs. While Incyte is now responsible for funding as well as global development and commercialization, Agenus would now become eligible to receive 15 percent royalties on global net sales of each product if candidates from either of these two programs are approved. Per the amendment, Agenus will receive today accelerated milestone payments of $20 million from Incyte related to the clinical development of INCAGN1876 and INCAGN1949. Across all programs in the collaboration, Agenus will now be eligible to receive up to a total of $510 million in future potential development, regulatory and commercial milestones. “We believe the amended agreement will help streamline the development of our collaboration portfolio, provide the opportunity to prioritize our other internal programs towards rapid commercialization and help foster the development of our portfolio of novel I-O programs,” Agenus chairman and CEO Garo Armen, PhD stated in the news release.
To view the full press release, visit: http://nnw.fm/1KzdK
About Agenus
Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body’s immune system to fight cancer. The company’s vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing a number of combination approaches that leverage a broad repertoire of antibody therapeutics and proprietary cancer vaccine platforms. The company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support pre-commercial clinical programs. Agenus is based in Lexington, MA. For more information, please visit www.agenusbio.com
About Incyte
Incyte Corporation is a Wilmington, Delaware-based biopharmaceutical company focused on the discovery, development and commercialization of proprietary therapeutics. For additional information on Incyte, please visit the company’s website at www.incyte.com
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