Agenus set to earn up to $1.56 billion in antibody deal with BMS

US immuno-oncology (I-O) focussed biotech Agenus (Nasdaq: AGEN) saw its share rocket nearly 25% to $4.07 yesterday, on the news that it has entered into a definitive agreement under which pharma major Bristol Myers Squibb (NYSE: BMY) will be granted a global exclusive license to Agenus’ proprietary bispecific antibody program, AGEN1777, that blocks TIGIT and a second undisclosed target.

AGEN1777 is an Fc-enhanced antibody in late preclinical development designed to target major inhibitory receptors expressed on T and NK cells to improve anti-tumor activity. In preclinical studies this approach has shown significant potential in tumor models where anti-PD-1 or anti-TIGIT monospecific antibodies alone are ineffective.

Deal provides $200 million upfront