Agenus Inc (AGEN)

[crudeoil24]

Gilead, Agenus Agree to Develop, Commercialize Immuno-Oncology Therapies > GILD, AGEN
7:53 am ET December 20, 2018 (Dow Jones) Print
By Michael Dabaie

Gilead Sciences Inc. (GILD) and Agenus Inc. (AGEN) said Thursday they have agreed to jointly develop and commercialize up to five novel immuno-oncology therapies.

Shares of Agenus surged 69% to $3.40 premarket.

Agenus will receive $150 million at closing, including a $120 million upfront cash payment and $30 million equity investment. The agreement also includes about $1.7 billion in potential future fees and milestones.

Gilead will receive worldwide exclusive rights to AGEN1423, which has an estimated investigational new drug filing by year-end 2018. Gilead will also have the exclusive option to license AGEN1223 and AGEN2373. Agenus filed the IND for AGEN1223 and has an estimated IND filing for AGEN2373 in first half of 2019.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires