Agenus says its Bristol Myers Squibb licensing deal has up to $1.3 billion in milestone payments

Published: July 6, 2021 at 9:20 a.m. ET

By

Jaimy Lee

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AGEN

-2.26%

BMY

-1.10%

SPX

-0.74%

Shares of Agenus Inc. AGEN, -2.26% were up 2.0% in premarket trading on Tuesday after the company said a licensing deal with Bristol Myers Squibb Co. BMY, -1.10% had closed. As part of the agreement, Bristol plans to study an experimental Agenus immuno-oncology drug as a treatment for non-small cell lung cancer. Bristol will pay Agenus $200 million upfront, with up to $1.3 billion in possible milestones payments. Agenus' stock has gained 73.6% so far this year, while the broader S&P 500 SPX, -0.74% is up 15.8.%

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The relationship between the U.S. and China will continue to be politically and economically fraught. But Chinese companies still have room to grow, and the Chinese economy is strong.