Under the terms of the agreement, Agenus will receive $150m upon closing, which includes a $120m upfront cash payment and a $30m 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 an estimated IND filing for AGEN2373 in 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.
Gilead Sciences research and development head and chief scientific officer Dr John McHutchison said: “Recent advances in immuno-oncology have produced unprecedented benefit to patients; however, many people with cancer still require more effective treatment options.
“Our collaboration with Agenus gives us access to novel and differentiated immune modulating antibodies that will complement our growing oncology portfolio and cell therapy business. We look forward to partnering with the Agenus team.”
Agenus chairman and CEO Dr Garo Armen said: “Gilead is an ideal partner for Agenus for the rapid advancement of our pipeline.
“By year end, our discovery platforms will have resulted in six INDs in 2018 and 13 INDs by the 1H2019. Gilead’s established global presence and commitment to disruptive therapies, combined with our track-record in building a broad pipeline in I-O, has the potential to yield breakthrough I-O treatments for patients with cancer.”
This transaction is subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act and other customary closing conditions.
Source: Company Press Release