Celgene exercises option for Agios Pharma's AG-221

Metabolism specialist Agios Pharmaceuticals (Nasdaq: AGIO) says that its partner, biotech major Celgene Corp (Nasdaq: CELG), has exercised its option to an exclusive worldwide license to AG-221, an oral, first-in-class, potent inhibitor of the mutant IDH2 protein.

Under the terms of the agreement,  which was extended last year, the option to license extended to Celgene through the end of Phase I, but AG-221 has been exercised early based on the Phase I data generated to date. AG-221 is currently in a Phase I dose escalation study in patients that harbor an IDH2 mutation with advanced hematologic malignancies, including acute myeloid leukemia (AML).

“We are pleased with Celgene’s decision to license AG-221, as we believe it reflects the strength of our progress with this product candidate and underscores Agios’ and Celgene’s commitment to precision medicine,” said David Schenkein, chief executive officer of Agios. “Celgene brings global reach, significant expertise and financial resources to the AG-221 program, and we look forward to our continued collaboration to increase the scope and efforts directed to IDH2 and broadly advance this important potential cancer medicine,” he added.