Agenus signs $100M royalty financing with Ligand; $75M upfront for BOT/BAL and partner programs

AGENUS INC

Ligand pays $75M at closing for 18.75% of royalties and 31.875% of milestones on six partnered oncology programs, plus 2.625% royalty on BOT/BAL net sales.
Ligand has option to invest additional $25M on same terms; Agenus may syndicate up to $125M more, bringing total potential to $200M.
Warrant issued to Ligand for 867,052 shares of AGEN common stock at $17.30, exercisable until May 6, 2029.
Funds will support BOT/BAL confirmatory Phase 3 trial in r/r MSS CRC liver metastases-negative and launch readiness activities.
Covered programs include BMS-986442, AGEN2373 (Gilead), INCAGN2385/2390 (Incyte), MK-4830 (Merck), and UGN-301 (UroGen).

Key facts

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

AGENUS INC entered into Purchase Agreement with Ligand Pharmaceuticals Incorporated valued at $75 million (effective 2024-05-06).

Action: entry
Agreement: asset purchase
Counterparty: Ligand Pharmaceuticals Incorporated
Value: $75 million
Effective: 2024-05-06

Exact text from the filing

On May 6, 2024, Agenus Inc. (the “Company”), Agenus Royalty Fund, LLC and Agenus Holdings 2024, LLC entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Ligand Pharmaceuticals Incorporated (“Ligand”) for the sale to Ligand of the following (the “Purchased Assets”)

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Source: SEC EDGAR

accession 0000950170-24-053949

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