- Agenus (AGEN -0.2%) earns its first milestone from collaboration partner Merck (MRK -0.1%). The $2M payment was triggered by Merck's selection of a lead antibody candidate and several backup antibodies, discovered by Agenus, to an undisclosed Merck checkpoint target.
- Merck will be responsible for all future product development costs related to the candidate. Agenus is eligible to receive up to $100M in future milestones in addition to royalties on global net sales.
- The companies inked their partnership to discover therapeutic antibodies to immune checkpoints for the treatment of cancer in April 2014.