Ligand acquires royalty rights on six partnered oncology programs and BOT/BAL from Agenus for $75M

LIGAND PHARMACEUTICALS INC

Purchase price of $75M for 18.75% of licensed royalties and 31.875% of milestones on six partnered oncology programs (BMS, Gilead, Incyte, Merck, UroGen).
Plus synthetic 2.625% royalty on future global net sales of Agenus' botensilimab/balstilimab (BOT/BAL) program.
Ligand has option to commit additional $25M on pro rata basis; Sellers may raise up to $125M more total.
Agenus issued Ligand warrant to purchase 867,052 shares of AGEN common stock at $17.30, exercisable until May 2029.
Transaction expected to close in May 2024 subject to customary conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LIGAND PHARMACEUTICALS INC entered into Purchase and Sale Agreement, dated May 6, 2024 (the "Agreement") with Agenus Inc., Agenus Royalty Fund, LLC, and Agenus Holdings 2024, LLC (collectively, "Sellers") valued at $75 million (effective 2024-05-06).

Action: entry
Agreement: asset purchase
Counterparty: Agenus Inc., Agenus Royalty Fund, LLC, and Agenus Holdings 2024, LLC (collectively, "Sellers")
Value: $75 million
Effective: 2024-05-06

Exact text from the filing

On May 6, 2024, Ligand Pharmaceuticals Incorporated (“Ligand”) entered into that certain Purchase and Sale Agreement, dated May 6, 2024 (the “Agreement”), with Agenus Inc., Agenus Royalty Fund, LLC, and Agenus Holdings 2024, LLC (collectively, “Sellers”), where Ligand will obtain certain royalty rights for an aggregate purchase price of $75 million.

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Source: SEC EDGAR

accession 0000886163-24-000026

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