LEXINGTON, Mass., June 22, 2020 /PRNewswire/ -- Agenus Inc.
(NASDAQ: AGEN), an immuno-oncology (I-O) company with an extensive
pipeline of agents designed to activate immune response to cancers,
announced today that it has entered into an agreement with Betta
Pharmaceuticals (SZ300558), a top Chinese pharmaceutical company
focusing on the development of innovative oncology
therapies, for an exclusive collaboration and license
agreement for the development and commercialization of balstilimab
and zalifrelimab in Greater China,
including Mainland China, Hong
Kong, Macau and
Taiwan.
Under the terms of the agreement, Agenus will receive
$35 million, which includes
$15 million in upfront cash and a
$20 million equity investment. The
agreement also includes $100 million
in potential milestones plus royalties on net sales. Betta
receives exclusive rights for the development and commercialization
of balstilimab and zalifrelimab to either as monotherapies or
combination therapies, excluding intravesical delivery in greater
China.
Agenus' balstilimab (anti-PD-1) is advancing in trials planned
for BLA filing this year as a monotherapy and in combination with
zalifrelimab (anti-CTLA-4) for the treatment of refractory or
metastatic cervical cancer. Agenus has recently reported
positive results suggesting robust and durable responses of
balstilimab and zalifrelimab in patients with relapsed or
refractory metastatic cervical cancer. The US FDA recently granted
Fast Track designation for balstilimab alone and in combination
with zalifrelimab in this indication.
"Betta has a strong track record of advancing innovative
products in China and a growing
portfolio of complementary oncology therapies," said Garo Armen, Chairman and Chief Executive Officer
of Agenus. "Betta is an ideal partner to enable us to address
significant patient needs in China
while also advancing global development of balstilimab and
zalifrelimab."
"We are delighted to enter this collaboration with Agenus, a
leader in the immuno-oncology field, as the first step in a
long-term strategic partnership," said Lieming Ding, Chairman and
Chief Executive Officer of Betta Pharmaceuticals. " Based on the
compelling clinical data reported to date, we believe Agenus'
balstilimab and zalifrelimab hold great promise for Chinese
patients with cervical cancer, with the potential to further expand
in additional tumor types through synergistic combinations with
Betta's existing pipeline programs."
The equity purchase component of the transaction is subject to
China regulatory approval and
other customary closing conditions.
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 combination approaches that leverage a broad repertoire of
antibody therapeutics, adoptive cell therapies (through its AgenTus
Therapeutics subsidiary), 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 clinical programs. Agenus is headquartered
in Lexington, MA. For more
information, please visit www.agenusbio.com and our Twitter handle
@agenus_bio.
About Betta Pharmaceuticals
Betta Pharmaceuticals Co., Ltd. (SZ300558), established in 2003
in Hangzhou, China, is one of
the leading Chinese pharmaceutical companies dedicated to develop
and commercialize innovative oncology products to meet high unmet
medical needs. With over 1,300 employees
in Hangzhou and Beijing, Betta's development
capabilities range from small-molecule to biologics discovery,
clinical development, manufacturing, sales and marketing. Betta's
leading product – icotinib (Conmana®), the first
innovative oncology product developed and launched in China – is one of the top selling targeted
therapies for patients with non-small cell lung cancer, having
achieved 1.55 billion RMB annual sales in 2019.
Betta currently has two programs under NDA review by the NMPA,
two programs under late-stage clinical development,
eight programs under proof-of-concept clinical development,
and multiple small-molecule and biologics programs under
pre-clinical discovery. Throughout the years, Betta has set up
strategic partnerships with Amgen Inc., Xcovery LLC., Beijing
Mabworks Biotech Co., Ltd., Tyrogenex Inc., InventisBio lnc., and
Merus N.V.. For additional information, please
visit http://bettapharma.com/en.php
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
closing and expected benefits of the collaboration, as well as
timing for planned BLA filings. 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. Agenus cautions investors 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 undertakes 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.
Contact:
Agenus Inc.
Jennifer S. Buell, PhD
781-674-4420
Jennifer.Buell@agenusbio.com
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SOURCE Agenus Inc.