24 December 2018 - - US-based biopharmaceutical company Gilead Sciences, Inc. (NASDAQ: GILD) and immuno-oncology company Agenus Inc. (NASDAQ: AGEN) have entered into an immuno-oncology partnership focused on the development and commercialization of up to five novel immuno-oncology therapies, the companies said.

Under the terms of the agreement, Agenus will receive USD 150m upon closing, which includes a USD 120m upfront cash payment and a USD 30m equity investment. The agreement also includes approximately USD 1.7bn in potential future fees and milestones.

Gilead will receive worldwide exclusive rights to AGEN1423, which has an estimated IND filing by year-end 2018. Gilead will also receive the exclusive option to license two additional programs: AGEN1223 and AGEN2373.

Agenus has filed the IND for AGEN1223 and has an estimated IND filing for AGEN2373 in first half of 2019. Agenus will be responsible for developing the option programs up to the option decision points, at which time Gilead may acquire exclusive rights to the programs on option exercise.

For one of the option programmes, Agenus will have the right to opt-in to shared development and commercialization in the US Gilead will also receive right of first negotiation for two additional, undisclosed preclinical programmes.

This transaction is subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act and other customary closing conditions.

Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body's immune system to fight cancer. The company's vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics, proprietary cancer vaccine platforms, and adoptive cell therapies (through its AgenTus Therapeutics subsidiary).

The company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support early phase clinical programs. Agenus is headquartered in Lexington, MA.

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops and commercialises innovative medicines in areas of unmet medical need.

The company strives to transform and simplify care for people with life-threatening illnesses around the world. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California.