Incyte and Agenus Amend Collaboration Agreement
February 14 2017 - 7:00AM
Business Wire
Incyte secures global clinical development and
commercialization responsibilities for GITR and OX40 programs,
converting both from profit-sharing to royalty-bearing
arrangements
Agenus to receive $80 million from Incyte: $60
million equity investment at $6 per share and $20 million in
accelerated clinical development milestones
Incyte Corporation (Nasdaq:INCY) and Agenus Inc. (Nasdaq:AGEN)
announced today that the companies have amended the License,
Development and Commercialization Agreement that was originally
entered into January 9, 2015. The amended agreement converts the
ongoing GITR and OX40 antibody programs from co-funded development
and profit-sharing arrangements to royalty-bearing programs, with
Incyte now responsible for funding and conducting global
development and commercialization. Should candidates from either of
these two programs be approved, Agenus would now become eligible to
receive 15 percent royalties on global net sales of each approved
product.
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The ongoing TIM-3 and LAG-3 antibody programs remain
royalty-bearing programs, at tiered rates of 6 to 12 percent, with
Incyte retaining exclusive world-wide clinical development and
commercial responsibilities.
Pursuant to the amended agreement, Agenus will receive today
accelerated milestone payments of $20 million from Incyte related
to the clinical development of INCAGN1876 (anti-GITR agonist) and
INCAGN1949 (anti-OX40 agonist). Across all programs in the
collaboration, Agenus will now be eligible to receive up to a total
of $510 million in future potential development, regulatory and
commercial milestones.
The parties have also entered into a separate Stock Purchase
agreement whereby Incyte will purchase 10 million shares of Agenus
common stock today at $6 per share.
“The antibody discovery collaboration between Incyte and Agenus
has progressed well and has already resulted in two programs in
clinical trials. We look forward to further developing our GITR and
OX40 antibody programs, and exploring immunotherapy combinations
with these compounds and other agents in the near future,” said
Hervé Hoppenot, CEO of Incyte.
“We believe the amended agreement will help streamline the
development of our collaboration portfolio, provide the opportunity
to prioritize our other internal programs towards rapid
commercialization and help foster the development of our portfolio
of novel I-O programs,” said Garo Armen, Ph.D., Chairman and CEO of
Agenus. “The revised agreement will also strengthen Agenus’ balance
sheet and reduce cash burn.”
About Incyte
Incyte Corporation is a Wilmington, Delaware-based
biopharmaceutical company focused on the discovery, development and
commercialization of proprietary therapeutics. For additional
information on Incyte, please visit the Company’s website at
www.incyte.com.
Follow @Incyte on Twitter at https://twitter.com/Incyte.
About Agenus
Agenus is a clinical-stage immuno-oncology company focused on
the discovery and development of therapies that engage the body's
immune system to fight cancer. The Company's vision is to expand
the patient populations benefiting from cancer immunotherapy by
pursuing a number of combination approaches that leverage a broad
repertoire of antibody therapeutics and proprietary cancer vaccine
platforms. The Company is equipped with a suite of antibody
discovery platforms and a state-of-the-art GMP manufacturing
facility with the capacity to support pre-commercial clinical
programs. Agenus is based in Lexington, MA. For more information,
please visit www.agenusbio.com; information that may be important
to investors will be routinely posted on our website.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the federal
securities laws, including statements regarding the anticipated
benefits of the amended collaboration; the potential for product
candidates under the collaboration to be approved and
commercialized; expected payments under the amended collaboration,
including potential milestone payments; the parties’ clinical
development plans; and the timing of Incyte’s stock purchase and
payment of accelerated milestones. These forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include, among others, the factors described under the Risk Factors
section of our most recent Quarterly Report on Form 10-Q or Annual
Report on Form 10-K filed with the Securities and Exchange
Commission. Investors are cautioned not to place considerable
reliance on the forward-looking statements contained in this
release. These statements speak only as of the date of this press
release, and Agenus and Incyte undertake no obligation to update or
revise the statements, other than to the extent required by law.
All forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
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IncyteMediaCatalina
Loveman,
+1-302-498-6171cloveman@incyte.comorInvestorsMichael Booth,
DPhil, +1-302-498-5914mbooth@incyte.comorAgenusMichelle Linn,
+1-781-674-4541michelle.linn@agenusbio.com
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