Agenus (AGEN) announced that Merck (MRK) initiated a Phase I clinical trial of an undisclosed antibody candidate discovered by Agenus, under the two companies license and research collaboration. Based on this milestone and under the terms of the agreement, Agenus received a $4M milestone payment and is entitled to receive up to an additional $95M in success milestones from Merck. This milestone is the second under the collaboration, originally announced in April 2014. According to the terms of the agreement, Merck is responsible for all product development expenses for the antibody candidate, and Agenus is eligible to receive up to an additional $95M in milestone payments, as well as royalties on worldwide product sales.
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