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Why Agenus Stock Skyrocketed Today

TheMotleyFool

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Shares of Agenus (NASDAQ: AGEN) skyrocketed 20.6% on Tuesday. The big gain came after the company announced a deal to license bispecific antibody program AGEN1777 to Bristol Myers Squibb (NYSE: BMY).

What really lit a fire under the biotech stock from today's news was just how much Bristol Myers Squibb was willing to fork over for rights to AGEN1777. The big drugmaker is paying Agenus $200 million upfront. Agenus also stands to receive up to $1.36 billion in milestones as well as tiered double-digit royalties on potential sales for the product.

Image source: Getty Images.

Source Fool.com

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