Brief: Ligand And Agenus Enter Into $100 Million Royalty Financing Agreement

Ligand Pharmaceuticals Incorporated

07/05/2024 12:46

May 7 (Reuters) - Agenus Inc  AGEN.O :
    * LIGAND AND AGENUS ENTER INTO $100 MILLION ROYALTY
FINANCING
AGREEMENT
    * UNDER TERMS OF AGREEMENT, LIGAND WILL PAY $75 MILLION TO
AGENUS
AT CLOSING
    * TRANSACTION ALLOWS FOR A SYNDICATION OF UP TO AN
ADDITIONAL $125
MILLION IN CAPITAL
    * LIGAND HAS OPTION TO INVEST AN ADDITIONAL $25 MILLION ON
SAME
TERMS ON A PRO RATA BASIS
    * LIGAND WILL RECEIVE 18.75% OF FUTURE ROYALTIES,31.875% OF
FUTURE
MILESTONE PAYMENTS RELATED TO SIX OF CO'S PROGRAMS
    * LIGAND'S PORTION OF MILESTONES RELATED TO SIX PROGRAMS HAS
POTENTIAL TO EXCEED $400 MILLION, WITH ROYALTIES IN LOW SINGLE
DIGITS
    * LIGAND WILL ALSO RECEIVE A 2.625% ROYALTY ON FUTURE GLOBAL
NET
SALES GENERATED BY BOT/BAL
    * AGENUS - COMPANIES ALSO AGREED TO ALLOW AGENUS TO
SYNDICATE UP
TO AN ADDITIONAL $125 MILLION, POTENTIALLY BRINGING TOTAL
CAPITAL INFUSION UP TO $200 MILLION

Source text for Eikon:  ID:nBw9QHNbja 
Further company coverage:  AGEN.O 

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