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Investing.com -- Agenus Inc . (NASDAQ:AGEN) stock soared 30% following the announcement of a strategic collaboration with Zydus Lifesciences, which includes a $141 million deal to advance BOT/BAL and expand Zydus’ biologics manufacturing in the United States.
The partnership agreement, which involves exchanging Agenus’ biologics CMC facilities in California for an upfront consideration of $75 million and up to an additional $50 million in contingent payments, has been designed to accelerate the clinical development and scale global manufacturing. Zydus will also launch a BioCDMO business in the U.S. with Agenus as its first customer, ensuring the manufacturing readiness of BOT/BAL for BLA submission and potential commercial launch.
Furthermore, Agenus will receive a 5% royalty on net sales from Zydus in India and Sri Lanka, where Zydus will have the exclusive license to develop and commercialize these therapies. Additionally, Zydus will make a strategic equity investment in Agenus by purchasing approximately 2.1 million shares at $7.50 per share, totaling around $16 million.
The CEO of Agenus, Dr. Garo Armen, highlighted the trade agreement between the United States and India as a positive step towards strengthening Indian-American relations and ensuring secure biopharma supply chains. He expressed confidence in the partnership’s potential to accelerate future clinical trials and expand the global oncology therapeutics footprint of BOT/BAL.
Dr. Sharvil Patel, Managing Director at Zydus Lifesciences, expressed enthusiasm for the partnership, noting the potential benefits for patients in India, Sri Lanka, and globally. Zydus plans to conduct clinical trials for BOT/BAL in various stages of disease and expand its use beyond colorectal cancer to other significant diseases such as triple-negative breast cancer.
The transaction is subject to customary closing conditions and due diligence, with the parties expecting to complete closing agreements within 60 days.
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