Agenus Secures Major Investment to Accelerate Cancer Immunotherapy Innovation

This week, we are proud to announce that Agenus has entered into a royalty financing agreement with Ligand Pharmaceuticals, marking a pivotal milestone in our pursuit of bringing therapies to individuals living with cancer. Ligand is the ideal partner for our organization at this stage as they specialize in investing in highly differentiated assets and recognize the paradigm-shifting potential of our immuno-oncology programs. Their financial commitment galvanizes our position as a forward-thinking and innovative leader in the biopharmaceutical industry.

As part of the agreement, Ligand will pay $75 million to Agenus at closing with the option to invest another $25 million with the same terms on a pro rata basis. The agreement with Ligand also enables Agenus to syndicate up to an additional $125 million of royalty financing. This substantial investment underscores the value of our clinical assets and the strength of our operational teams. With this infusion of capital, we are poised to accelerate the development of our lead therapeutic combination regimen, botensilimab/balstilimab (BOT/BAL), which we expect to make a significant impact in the treatment of MSS colorectal cancer (CRC). This initiative brings us closer to our goal of dramatically improving cancer treatment for patients who are often left with limited or no options.

At the heart of this partnership lies our shared commitment to patients, as Agenus will pursue FDA guidance for BOT/BAL BLA filing and potential approval.  Further, these funds will fuel the initiation and rapid enrollment of our confirmatory Phase 3 trial tailored to MSS CRC, along with essential launch readiness activities managed by our Commercial, Global Medical Affairs, and CMC teams. Ligand has thoroughly engaged with these teams during their extensive due diligence process, recognizing the urgent need and potential benefit of BOT/BAL in treating this challenging form of cancer.

As we embark upon this new chapter, I want to express my gratitude to our dedicated team at Agenus whose obsessive curiosity and dedication drive our progress each day. I also extend my appreciation to our partners, investors, and stakeholders for their unwavering support.

Learn more about the partnership here.