Agenus (AGEN) announced the closing of its non-dilutive royalty transaction with Xoma (XOMA), where Xoma purchased a minority interest in the royalties and milestones that Agenus is eligible to receive from Incyte (INCY) and Merck (MRK). Agenus received $15M at closing and retains the majority (67%) of all future royalties and 90% of all milestones from Incyte and Merck. Agenus also remains eligible to receive up to an additional $450M and $85.5M in potential development, regulatory and commercial milestones from Incyte and Merck, respectively.
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