Agenus and Zydus Lifesciences have entered a strategic collaboration valued at up to $141 million, aimed at advancing the development and production of immuno-oncology therapies botensilimab (BOT) and balstilimab (BAL).

As part of the agreement, Agenus will transfer its biologics manufacturing facilities in Emeryville and Berkeley, CA to Zydus in exchange for $75 million upfront, along with up to $50 million more tied to BOT/BAL production orders. Additionally, Zydus will make a $16 million equity investment in Agenus, acquiring approximately 2.1 million shares at $7.50 per share. Under the deal, Zydus gains an exclusive license to develop and commercialise BOT/BAL in India and Sri Lanka, with a 5% royalty on net sales in these markets. The partnership also makes Agenus Zydus’s first BioCDMO customer under an exclusive manufacturing agreement to support BOT/BAL’s BLA preparation and launch readiness. The transaction, which includes customary closing conditions and due diligence, is expected to conclude within about 60 days.