(RTTNews.com) - Gilead Sciences Inc. (GILD) and Agenus Inc. ( AGEN ) said that they entered into an immuno-oncology or I-O partnership focused on the development and commercialization of up to five novel immuno-oncology therapies.
In Thursday pre-market trading, AGEN is currently trading at $3.08, up $1.07 or 53.23 percent.
As per the terms of the agreement, Agenus will receive $150 million upon closing, which includes a $120 million upfront cash payment and a $30 million equity investment.
The agreement also includes approximately $1.7 billion in potential future fees and milestones. Gilead will receive worldwide exclusive rights to AGEN1423, which has an estimated IND filing by year-end 2018.
Gilead will also receive the exclusive option to license two additional programs: AGEN1223 and AGEN2373. Agenus has filed the IND for AGEN1223 and has a planned IND filing for AGEN2373 in the first half of 2019.
Agenus will be responsible for developing the option programs up to the option decision points, at which time Gilead may acquire exclusive rights to the programs on option exercise. For one of the option programs, Agenus will have the right to opt-in to shared development and commercialization in the U.S.
Gilead will also receive right of first negotiation for two additional, undisclosed preclinical programs.
The transaction is subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act and other customary closing conditions.
Read the original article on RTTNews (http://www.rttnews.com/2964639/agenus-collaborates-with-gilead-on-immuno-oncology-therapies-stock-surges.aspx)
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