Bristol Myers Inks $1.6B Licensing Agreement For Agenus' Bispecific Antibody Program In Solid Tumors - Agenus (NASDAQ:AGEN), Bristol-Myers Squibb (NYSE:BMY)

Bristol-Myers Squibb Co BMY and Agenus Inc AGEN have entered into a global exclusive license agreement, under which Bristol Myers will receive an exclusive license to Agenus' AGEN1777 and a second undisclosed target.
Bristol Myers Squibb will become solely responsible for the development and subsequent commercialization of AGEN1777 and its related products worldwide.
Agenus will receive a $200 million upfront payment and up to $1.36 billion in milestone payments, as well as tiered double-digit royalties on net product sales.
Agenus will retain options to conduct clinical studies under the development plan, to conduct combination studies with certain other Agenus pipeline assets, and co-promote AGEN1777 in the US.
Agenus plans to file an Investigational New Drug application for AGEN1777 with the FDA in the second quarter of 2021.
Bristol Myers Squibb intends to advance AGEN1777 in immuno-oncology for tumor indications, including non-small cell lung cancer.
AGEN1777 is a potentially first-in-class bispecific anti-TIGIT antibody engineered with an enhanced Fc region for high binding affinity and improved T and NK cell activation.
Price Action: AGEN shares are up 34.4% at $4.38, while BMY shares are down 0.17% at $65.35 during the premarket session on the last check Tuesday.