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

Shares of Agenus Inc. AGEN, -1.09% were up 2.0% in premarket trading on Tuesday after the company said a licensing deal with Bristol Myers Squibb Co. BMY, -0.88% 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, -0.27% is up 15.8.%

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