AGENUS INC Terminates Material Definitive Agreement
Ticker: AGEN · Form: 8-K · Filed: Aug 2, 2024 · CIK: 1098972
Sentiment: neutral
Topics: agreement-termination, material-agreement
TL;DR
AGENUS INC just terminated a big deal. Details TBD.
AI Summary
On July 30, 2024, AGENUS INC. reported the termination of a material definitive agreement. The filing does not specify the other party involved in the agreement or the nature of the agreement.
Why It Matters
The termination of a material definitive agreement can signal a significant shift in the company's strategic partnerships or operational plans, potentially impacting future revenue streams or business operations.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement can introduce uncertainty regarding future business operations and financial performance.
Key Players & Entities
- AGENUS INC (company) — Registrant
- July 30, 2024 (date) — Date of earliest event reported
FAQ
What was the material definitive agreement that AGENUS INC terminated?
The filing does not specify the nature or name of the material definitive agreement that was terminated.
Who was the other party to the terminated agreement?
The filing does not disclose the identity of the other party involved in the terminated material definitive agreement.
What is the effective date of the termination?
The earliest event reported, which is the termination of the agreement, occurred on July 30, 2024.
Does this termination have any immediate financial implications disclosed in the filing?
The filing does not provide specific details on immediate financial implications resulting from the termination.
Is there any indication of why the agreement was terminated?
The filing does not provide any reasons or explanations for the termination of the material definitive agreement.
Filing Stats: 702 words · 3 min read · ~2 pages · Grade level 13.9 · Accepted 2024-08-02 16:02:09
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share AGEN The Nasdaq
- $200 million — non-refundable upfront cash payment of $200 million. In addition to this $200 million upfro
- $20 million — s made subsequent milestone payments of $20 million in December 2021, triggered by dosing o
- $25 million — a first patient in a Phase 1 study, and $25 million in January 2024, triggered by dosing of
Filing Documents
- agen-20240730.htm (8-K) — 37KB
- 0000950170-24-089932.txt ( ) — 145KB
- agen-20240730.xsd (EX-101.SCH) — 23KB
- agen-20240730_htm.xml (XML) — 4KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. In May 2021, we entered into a License, Development and Commercialization Agreement with Bristol Myers Squibb ("BMS" and the "BMS License Agreement") pursuant to which we granted BMS an exclusive license to develop, manufacture and commercialize our proprietary TIGIT bispecific antibody program AGEN1777. Pursuant to the BMS License Agreement, we received a non-refundable upfront cash payment of $200 million. In addition to this $200 million upfront cash payment, BMS has made subsequent milestone payments of $20 million in December 2021, triggered by dosing of a first patient in a Phase 1 study, and $25 million in January 2024, triggered by dosing of a first patient in a Phase 2 study. On July 30, 2024, we received notice from BMS that, as part of a broader strategic realignment of their development pipeline which involves other licensed products, it is returning AGEN1777 back to Agenus and voluntarily terminating the BMS License Agreement, effective as of January 26, 2025. When AGEN1777 was initially licensed to BMS, it had no clinical data. Since then, significant safety data has been generated in early clinical trials with indications of clinical activity. We intend to explore further development and/or relicensing of this molecule, including potential combinations with our portfolio of synergistic immuno-oncology agents. Under the terms of the BMS License Agreement, BMS has granted us, effective as of January 26, 2025 an exclusive, royalty-free and fully paid-up, worldwide, and sublicensable license to BMS' know-how and patent rights that arose from activities performed under the BMS License Agreement to develop and manufacture AGEN1777. Additionally, BMS will assign to us all regulatory registrations, applications, authorizations, and approvals that BMS holds in connection with AGEN1777. We will not incur any early termination penalties as a result of the termination. Agenus will have the right to
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 2, 2024 By: /s/ Christine M. Klaskin Christine M. Klaskin, VP Finance