Agenus Inc (AGEN)

[H2R]

Lead Product Candidate Selection in its Collaboration with Merck

I would classify this piece of news as pretty darn awesome :)

Thursday, June 9, 2016 8:50 am EDT

LEXINGTON, Mass.--(BUSINESS WIRE)--Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company developing antibodies including checkpoint inhibitors and other checkpoint modulators (CPMs) and cancer vaccines, today announced the selection of a lead product candidate under its license and research collaboration with Merck. Merck, known as MSD outside the United States and Canada, has selected a lead antibody candidate and several backup antibodies, discovered by Agenus, to an undisclosed Merck checkpoint target. Based on this milestone and under the terms of the agreement, Agenus received a $2 million milestone payment from Merck.

As previously announced, Merck will be responsible for all future product development expenses for the selected antibody candidate and Agenus is eligible to receive up to $100 million in milestone payments, as well as royalties on worldwide product sales.

“We are pleased that in collaboration with Merck scientists, our research team has successfully identified antibody candidates to advance into preclinical studies,” said Garo H. Armen, Ph.D., Chairman and CEO of Agenus. “This is an important validation of our discovery platform and expertise and adds to our successes in discovering antibodies for a broad range of targets, including challenging ones.”

“Our integrated monoclonal antibody discovery platforms have successfully identified unique antibodies for a wide range of therapeutic targets,” said Robert B. Stein, M.D., Ph.D., Agenus’ President, Research & Development. “This discovery engine provides Agenus the opportunity to bring innovative single-agent and combination immuno-oncology therapies to patients whose cancers are not adequately treated with current approaches.”

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