with balstilimab. In 2022, we initiated global trials for botensilimab in microsatellite stable colorectal cancer, melanoma, and pancreatic cancer. We intend to file our first biologics license
application for botensilimab in 2024.
We have established collaborations with several companies, including Bristol-Myers Squibb Company
(BMS), Betta Pharmaceuticals Co., Ltd. (Betta), Gilead Sciences, Inc. (Gilead), Incyte Corporation (Incyte), and Merck Sharpe & Dohme (Merck). These collaborations, along with our
internal programs, have resulted in over a dozen antibody programs currently in pre-clinical or clinical development.
Our collaboration agreement with Incyte grants Incyte exclusive licenses for monospecific antibodies targeting GITR, OX40, TIM-3, LAG-3, and an undisclosed target. Incyte has been advancing these antibodies in clinical trials. Incyte has notified us of their intent to terminate the OX40 program,
effective October 2023, and both the GITR program and undisclosed program, effective May 2024. Upon termination, the rights to the OX40, GITR, and undisclosed programs revert back to us. Incyte is responsible for all future development expenses for
the remaining programs, and we are eligible to receive up to an additional $315.0 million in potential milestone payments, along with royalties on future sales.
Under our collaboration and license agreement with Merck, we have exclusively licensed a monospecific antibody targeting ILT4 to them, which
is currently being advanced in a Phase 2 clinical trial. Merck is responsible for all future development expenses, and we are eligible to receive up to an additional $85.0 million in potential milestone payments, as well as royalties on future
sales.
In September 2018, through our subsidiary Agenus Royalty Fund, LLC, we entered into a royalty purchase agreement with XOMA (US)
LLC. Pursuant to the agreement, XOMA purchased 33% of all future royalties and 10% of all future milestone payments that we are entitled to receive from Incyte and Merck, after considering our obligations to a third party. As of March 31, 2023,
we remain eligible to receive up to $283.5 million and $76.5 million in potential development, regulatory, and commercial milestones from Incyte and Merck, respectively, after accounting for our obligations under the XOMA Royalty Purchase
Agreement.
In December 2018, we entered into collaboration agreements with Gilead for the development and commercialization of up to five
novel I-O therapies. Gilead received worldwide exclusive rights to our bispecific antibody, AGEN1423, and the exclusive option to license AGEN1223, a bispecific antibody, and AGEN2373, a monospecific antibody.
All three assets are currently in clinical development. Gilead elected to return AGEN1423 to us in November 2020 and terminated the license agreement. We ceased development of AGEN1223 in the third quarter of 2021, and the option and license
agreement for AGEN1223 were formally terminated in October 2021. The AGEN2373 option agreement remains in place, and we are responsible for developing the program until the option decision point. If Gilead exercises the option, we may opt-in to share development and commercialization costs in the United States in exchange for a 50:50 profit (loss) share and revised milestone payments. In March 2022, we received a $5.0 million clinical
milestone under the AGEN2373 option agreement. Pursuant to the terms of the AGEN2373 option agreement, we remain eligible to receive a $50.0 million option exercise fee and up to an additional $520.0 million in aggregate milestone
payments, as well as royalties on future sales.
In June 2020, we entered into a license and collaboration agreement with Betta, granting
them an exclusive license to develop, manufacture, and commercialize balstilimab and zalifrelimab in Greater China. We received an upfront payment of $15.0 million and are eligible to receive up to $100.0 million in milestone payments, as
well as royalties on future sales in Greater China.
In May 2021, we entered into a License, Development, and Commercialization Agreement
with BMS for our pre-clinical anti-TIGIT bispecific antibody program, AGEN1777. BMS received an exclusive worldwide