Agenus trades future royalties for $115 million to fund immuno-oncology programs
US-based biotech firm Agenus (Nasdaq: AGEN) on Wednesday said it is trading future royalties from vaccine adjuvant in partnership with GlaxoSmithKline (LSE: GSK) for up to $115 million to fund its immuno-oncology programs.
The company will hand over the rights to QS-21, used alongside GSK vaccines for malaria and shingles, to an investor group led by Oberland Capital for a loan of $100 million. Agenus will receive an additional $15 million in cash following the US Food and Drug Administration approval for the shingles vaccine.
Evan Ballantyne, chief financial officer of Agenus, said: “This is an innovative financing structure that strengthens Agenus’ balance sheet considerably. With these additional funds we are well positioned to advance our robust pipeline.”
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