Gilead (GILD) and Agenus (AGEN) have entered into an immuno-oncology partnership focused on the development and commercialization of up to five novel immuno-oncology therapies. Agenus will receive $150M upon closing, which includes a $120M upfront cash payment and a $30M equity investment.The agreement also includes approximately $1.7B 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 1H19. 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.
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