May 2021 Top Biopharma Deal: Agenus – BMS for AGEN-1777 Bispecific Anti-TIGIT Antibody for Non-Small Cell Lung Cancer

Jun 5, 2021 | Deal of the Month, Partnership Deals

May 2021 Top Biopharma Deal Upfront
Agenus development and commercialization deal with BMS for AGEN-1777

Highlighted Deal Financial Comps

Date Announced:

May. 18, 2021

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

$1,360M Dev., Reg., Sales


Tiered Double-Digit

Cost & Profit Split:


Deal Synopsis

The Asset:

Preclinical bispecific anti-TIGIT antibody AGEN-1777 and an undisclosed target immuno-oncology therapy, including non-small cell lung cancer (NSCLC).

Deal Structure:

Development and Commercial License

Partnership Features:

Agenus has an exclusive option to develop undisclosed targets and option to co-promote in the U.S.

Deal Details:

  • Agenus granted BMS exclusive, worldwide rights to develop and commercialize AGEN-1777 and an undisclosed target as immuno-oncology therapies, including non-small cell lung cancer (NSCLC).
  • Agenus will initiate the IND application for AGEN-1777.
  • BMS will be responsible for all further development and commercialization.
  • Agenus has an exclusive option to develop undisclosed targets and will have an option to co-promote in the U.S.
  • Agenus will receive $200M up front and is eligible to receive up to $1.36B in milestones, plus tiered double-digit royalties.

Last Month:

Congrats to Agenus and BMS for landing the DealForma May 2021 Top Biopharma Deal Upfront. The Deal of the Month for April 2021 was the CRISPR – Vertex deal for CTX001. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting to schedule your personalized demo.


Licensing Deals


Funding Rounds




Company Profiles


Other Deals


Drug Sales Figures

All of this by stage, disease indication, modality, target...

More Research by DealForma

Introducing: DealForma plus Tableau

Introducing: DealForma plus Tableau

We are excited to introduce DealForma's new Tableau dashboard integration. High quality data on biopharma deals and funding meets interactive charts and visuals. DealForma customers will have exclusive access to the DealForma chart dashboards built on Tableau right...

Venture & IPO – Medtech – Q1 2023 

Venture & IPO – Medtech – Q1 2023 

The Medtech sector encompasses medical devices, diagnostics, and digital health solutions, playing a crucial role in healthcare. In Q1 2022, the medtech, devices, digital health therapeutics, and wearables sector experienced a strong opening with 95 funding rounds and...