Agenus and Zydus complete $141m BOT+BAL immunotherapy collaboration deal

Core Insights - Agenus has completed a $141 million strategic collaboration with Zydus Lifesciences to enhance the global development and commercialization of its BOT/BAL immunotherapy combination program [1][7] Financial Terms - The agreement includes a $75 million upfront cash payment to Agenus for transferring manufacturing sites in Emeryville and Berkeley, California [3] - Zydus has made a $16 million equity investment in Agenus common stock, acquiring approximately 2.1 million shares at $7.50 per share [3] - Up to $50 million in contingent milestone payments will be triggered by production orders of BOT/BAL [3] Development and Clinical Trials - The BOT/BAL combination demonstrated a two-year overall survival rate of 42% and a median overall survival of 21 months in a cohort of 123 patients with third-line or later microsatellite-stable metastatic colorectal cancer [4] - Agenus has initiated the global BATTMAN Phase III trial in collaboration with the Canadian Cancer Trials Group, with sites activated for patient enrollment [4] Manufacturing and Capacity - Following the collaboration, manufacturing facilities in Emeryville and Berkeley will be transferred to Zydus under the new Zylidac Bio subsidiary, while Agenus retains committed manufacturing capacity at these sites for global access programs and clinical trials [5] - The collaboration strengthens Agenus's balance sheet and secures dedicated US manufacturing capacity at a critical time for the company [6] Future Focus - The company aims for disciplined execution in 2026, focusing on advancing its Phase III program, broadening patient access, and progressing toward regulatory submission supported by substantial clinical data [7]