Agenus Inc (AGEN)

[H2R]

LEXINGTON, Mass., Nov. 15, 2017 /PRNewswire/ -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune checkpoint antibodies and cancer vaccines, today announced the receipt of a $4 million payment for the advancement of an undisclosed antibody under the license and research collaboration agreement with Merck, known as MSD outside the United States and Canada.

As previously announced, Merck is responsible for all future product development expenses for the selected antibody and Agenus (AGEN) is eligible to receive up to an additional $99 million in milestone payments, as well as royalties on worldwide product sales.

"We are very pleased with the progress of our collaboration with Merck and the advancement of this antibody towards the clinic," said Garo Armen, Ph.D. Chairman and CEO of Agenus. "Our integrated antibody discovery platforms and expertise culminates in discovering antibodies for a broad range of targets, including challenging ones, as was the case with this particular candidate."

I don't think it will keep on dropping :)