FOSTER CITY, Calif. and
LEXINGTON, Mass., Dec. 20, 2018 /PRNewswire/ -- Gilead Sciences,
Inc. (NASDAQ: GILD) and Agenus Inc. (NASDAQ: AGEN) announced today
the companies have entered into an immuno-oncology (I-O)
partnership focused on the development and commercialization of up
to five novel immuno-oncology therapies.
Under the terms of the agreement, Agenus will receive
$150 million upon closing, which
includes a $120 million upfront cash
payment and a $30 million equity
investment. The agreement also includes approximately
$1.7 billion in potential future fees
and milestones. Gilead will receive worldwide exclusive
rights to AGEN1423, which has an estimated IND filing by year-end
2018. Gilead will also receive the exclusive option to license two
additional programs: AGEN1223 and AGEN2373. Agenus has filed
the IND for AGEN1223 and has a planned IND filing for AGEN2373 in
the first half of 2019. Agenus will be responsible for
developing the option programs up to the option decision points, at
which time Gilead may acquire exclusive rights to the programs on
option exercise. For one of the option programs, Agenus will
have the right to opt-in to shared development and
commercialization in the U.S. Gilead will also receive right
of first negotiation for two additional, undisclosed preclinical
programs.
"Recent advances in immuno-oncology have produced unprecedented
benefit to patients; however, many people with cancer still require
more effective treatment options," said John McHutchison, AO, MD, Chief Scientific
Officer and Head of Research and Development, Gilead Sciences.
"Our collaboration with Agenus gives us access to novel and
differentiated immune modulating antibodies that will complement
our growing oncology portfolio and cell therapy business. We
look forward to partnering with the Agenus team."
"Gilead is an ideal partner for Agenus for the rapid advancement
of our pipeline," said Garo Armen,
PhD, Chairman and CEO, Agenus. "By year end, our discovery
platforms will have resulted in six INDs in 2018 and 13 INDs by the
1H2019. Gilead's established global presence and commitment
to disruptive therapies, combined with our track-record in building
a broad pipeline in I-O, has the potential to yield breakthrough
I-O treatments for patients with cancer."
This transaction is subject to clearance under the Hart-Scott
Rodino Antitrust Improvements Act and other customary closing
conditions.
AGEN1423, AGEN1223 and AGEN2373 are investigational agents that
have not been approved for any uses. Efficacy and safety have
not been established.
Agenus Conference Call Information:
Date: Thursday, December 20,
2018
Time: 8:30 a.m. ET
Domestic Dial-in Number: 1-844-492-3727
International Dial-in Number: 1-412-317-5118
Conference ID: Agenus call
The presentation will be webcast live and may be accessed by
visiting the "Events & Presentations" page within the Investors
section of the Agenus website at agenusbio.com or by using the link
below. A replay of the webcast will be available on the Agenus
website following the conference.
Webcast
link: https://www.webcaster4.com/Webcast/Page/1556/28871
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, proprietary
cancer vaccine platforms, and adoptive cell therapies (through its
AgenTus Therapeutics subsidiary). 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 early phase
clinical programs. Agenus is headquartered in Lexington,
MA. For more information, please
visit www.agenusbio.com and our twitter handle
@agenus_bio. Information that may be important to investors will be
routinely posted on our website and twitter.
About Gilead Sciences
Gilead Sciences, Inc. is a
research-based biopharmaceutical company that discovers, develops
and commercializes innovative medicines in areas of unmet medical
need. The company strives to transform and simplify care for
people with life-threatening illnesses around the world.
Gilead has operations in more than 35 countries worldwide,
with headquarters in Foster City,
California. For more information on Gilead Sciences,
please visit the company's website at www.gilead.com.
Agenus 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 IND
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.
Gilead Forward-Looking Statements
This press release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject
to risks, uncertainties and other factors, including the ability of
the parties to complete this transaction in a timely manner or at
all, the ability of the parties to file the anticipated INDs for
AGEN1423 and AGEN2373 and meet potential milestones in the
estimated timelines or at all and the risk that the parties may not
realize the expected benefits of this collaboration. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. These risks, uncertainties
and other factors could cause actual results to differ materially
from those referred to in the forward-looking statements. The
reader is cautioned not to rely on these forward-looking
statements. These and other risks are described in detail in
Gilead's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2018, as filed with
the U.S. Securities and Exchange Commission. All
forward-looking statements are based on information currently
available to Gilead, and Gilead assumes no obligation to update any
such forward-looking statements.
Gilead
Contacts:
|
Agenus
Contact:
|
Sung Lee,
Investors
|
Jennifer Buell,
PhD,
|
(650)
524-7792
|
Investors
|
|
781-674-4420
|
Nathan Kaiser,
Media
|
Jennifer.Buell@agenusbio.com
|
(650)
522-1853
|
Olivia
Mullane,
|
|
Media
|
|
212-715-1597
|
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SOURCE Agenus