RTTNews | May 18, 2021 11:00AM EDT

11:00 Tuesday, May 18, 2021 (RTTNews.com) - Shares of Agenus Inc. (AGEN) are surging more than 25% Tuesday morning after the company granted exclusive global license to Bristol-Myers Squibb Company (BMY) for Agenus' anti-TIGIT bispecific antibody Program, AGEN1777.

Agenus will receive a $200 million upfront payment and up to $1.36 billion, on achieving milestones, in addition to tiered double-digit royalties on net product sales.

AGEN1777 is an Fc-enhanced antibody in late pre clinical development designed to target major inhibitory receptors expressed on T and NK cells to improve anti-tumor activity.

As per the deal, Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of AGEN1777 worldwide. Agenus will retain options to conduct clinical studies under the development plan, to conduct combination studies with certain other Agenus pipeline assets, and also, upon commercialization, to co-promote AGEN1777 in the US.

Agenus plans to file an Investigational New Drug application for the development of AGEN1777 with the Food and Drug Administration in the second quarter of 2021.

AGEN, currently at $4.12, has been trading in the range of $2.40- $5.95 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3195779/stock-alert-agenus-zooms-following-bristol-myers-deal.aspx)

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