Agenus Inc (NASDAQ:AGEN) is witnessing notable gains in morning trading in Tuesday’s session .
Market Action
As of 10:40, AGEN is moving up 33.74% to trade at $4.35. So far more than 49.50 million shares have exchanged hands, 15X its 30-day average volume of 3.32 million shares. The stock opened at $4.22 and moved in a range of $3.9100 – 4.5000
AGEN Releases Big News
- Bristol-Myers Squibb Company (NYSE: BMY) and Agenus Inc. (NASDAQ: AGEN) today announced that they have entered into a definitive agreement under which Bristol Myers Squibb will be granted a global exclusive license to Agenus’ proprietary bispecific antibody program.
- AGEN1777, that blocks TIGIT and a second undisclosed target. AGEN1777 is an Fc-enhanced antibody in late preclinical development designed to target major inhibitory receptors expressed on T and NK cells to improve anti-tumor activity.
- In preclinical studies this approach has shown significant potential in tumor models where anti-PD-1 or anti-TIGIT monospecific antibodies alone are ineffective.
- Under the agreement, Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide.
- Agenus will receive a $200 million upfront payment and up to $1.36 billion in development, regulatory and commercial milestones in addition to tiered double-digit royalties on net product sales.
- Agenus expects to file an Investigational New Drug (“IND”) application for the development of AGEN1777 with the U.S. Food and Drug Administration in the second quarter of 2021.
“We are pleased to partner with Bristol Myers Squibb to develop and commercialize AGEN1777. Their stellar record of success in this area has been an important determinant for our decision to enter into this transaction,” said Garo Armen, PhD, Chairman and Chief Executive Officer of Agenus.
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