Agenus acquires PhosImmune, gaining novel class of cancer neoantigens

US biotech firm Agenus (Nasdaq: AGEN) says it has acquired privately-held PhosImmune, a company that has discovered an entirely new portfolio of cancer neoantigens.

The acquisition provides Agenus the ability to accelerate the development of new cancer vaccines and other single agent immuno-oncology approaches, as well as combination therapies, and rapid advancement of clinical programs and creation of new partnerships.

Under the terms of the accord, Agenus paid PhosImmune’s equity holders an upfront of $2.5 million in cash and $7.4 million in shares of Agenus common stock at closing. Additional payments of up to $35 million in cash and/or stock at Agenus’ election are payable upon the achievement of certain milestones.