The collaboration secures funding and sustained biologics manufacturing capacity in the US for Agenus, supporting clinical development, early access initiatives, and future commercial production.
Under the agreement, Agenus has provided Zydus with exclusive rights to develop and commercialise BOT/BAL in Sri Lanka and India, with Agenus eligible for a 5% royalty on net sales from these markets.
Key financial terms include a $75m upfront cash payment to Agenus for transferring manufacturing sites in Emeryville and Berkeley, California, a $16m equity investment by Zydus in Agenus common stock (around 2.1 million shares at $7.50 per share), and up to $50m in contingent milestone payments triggered by production orders of BOT+BAL.
Last year, the BOT+BAL combination showed a two-year overall survival rate of 42% and a mature median overall survival of 21 months in an expanded cohort of 123 patients with third-line or later microsatellite-stable metastatic colorectal cancer without active liver metastases.
Agenus has initiated the global BATTMAN Phase III trial with the Canadian Cancer Trials Group, with sites activated for patient enrolment.
Following the closing, manufacturing facilities in Emeryville and Berkeley will transfer to Zydus under the newly formed Zylidac Bio subsidiary.
Agenus retains committed manufacturing capacity at these US sites for global access programmes, commercialisation, and clinical trials.
Agenus received advisory support from Porrima and Biotech Value Advisors (BVA) on partner selection, transaction structure, and negotiations.
Agenus chairman and CEO Dr Garo Armen said: “Closing this collaboration with Zydus strengthens our balance sheet and, critically, secures dedicated US manufacturing capacity at a pivotal moment for Agenus.
“With these foundations in place, our focus in 2026 is disciplined execution, advancing our Phase III programme, broadening paid patient access through authorised pathways, and progressing toward regulatory submission supported by one of the most substantial clinical datasets generated in MSS colorectal cancer.”
In June 2025, Agenus entered a $141m partnership with Zydus Lifesciences and its subsidiaries to strengthen global manufacturing, advance clinical development, and expand access to BOT/BAL.