Agenus announced it has closed its $141 million strategic collaboration agreement with Zydus Lifesciences, accelerating the global development and potential commercialization of Agenus’ botensilimab and balstilimab (BOT+BAL) immunotherapy combination program (1).

The agreement, which was previously disclosed, is expected to provide Agenus with both strategic capital and long-term biologics manufacturing capacity in the United States, supporting BOT+BAL’s clinical development, authorization for early access pathways, and commercial supply preparations (1).

The BOT+BAL combination demonstrated a two-year overall survival rate of 42% and a mature median overall survival of 21 months in an expanded cohort of 123 patients suffering from third-line or later microsatellite-stable (MSS) metastatic colorectal cancer (mCRC) without active liver metastases, according to the company (1).

The collaboration was originally announced back in June 2025 and marked Agenus as Zydus’ first BioCDMO customer (2).

“Closing this collaboration with Zydus strengthens our balance sheet and, critically, secures dedicated US manufacturing capacity at a pivotal moment for Agenus,” said Garo Armen, PhD, chairman and chief executive officer of Agenus in a company press release (1).

“With these foundations in place, our focus in 2026 is disciplined execution, advancing our Phase III program, broadening paid patient access through authorized pathways, and progressing toward regulatory submission supported by one of the most substantial clinical datasets generated in MSS colorectal cancer,” Armen said.

What is included in the collaboration agreement?

Per the terms of the agreement, Zydus is granted the exclusive rights to develop and commercialize BOT and BAL in India and Sri Lanka and is also eligible to receive royalties on net sales collected in both areas (1).

“With a trade agreement between the United States and India seemingly imminent, there is a renewed sense of confidence by trading partners in both countries in the future of Indian–American relations,” said Armen in the release. “There is also a growing recognition by both countries of the need for the United States to ensure that biopharma supply chains are secure. We are working with Zydus to accelerate future clinical trials for BOT/BAL and eventually its global footprint in oncology therapeutics. This agreement is an expression of confidence in the future of Agenus and in the regulatory environment of the United States. The administration has created an environment that has brought these two trading partners together. The United States is the second largest trading partner with India.”

The collaboration agreement also includes upfront considerations, including a $75 million cash payment to Agenus to transfer biologics manufacturing facilities in Emeryville and Berkeley, Calif., equity investments such as the $16 million purchase of Agenus common stock at $7.50 per share, contingent milestone payments valued at upwards of $50 million payable to Agenus triggered by BOT+BAL production orders, and Zydus obtaining exclusive development and commercialization rights to BOT and BAL in India and Sri Lanka, with Agenus being eligible to receive a 5% royalty on net sales in those territories (1).

Upon closing, the Emeryville and Berkeley, Calif., biologics manufacturing facilities are expected to be transferred to Zydus and will be housed under a newly formed subsidiary named Zylidac Bio LLC.

References

1. Agenus Announces Closing of $141M Strategic Collaboration with Zydus Lifesciences to Advance BOT+BAL and Strengthen U.S. Manufacturing Readiness Agenus Inc January 15, 2026 https://www.businesswire.com/news/home/20260115092151/en/Agenus-Announces-Closing-of-%24141M-Strategic-Collaboration-with-Zydus-Lifesciences-to-Advance-BOTBAL-and-Strengthen-U.S.-Manufacturing-Readiness
2. Agenus and Zydus Lifesciences Enter $141M Strategic Collaboration to Advance BOT/BAL, Expand Zydus’ Biologics Manufacturing in the U.S. Agenus Inc June 3, 2025 https://investor.agenusbio.com/news/news-details/2025/Agenus-and-Zydus-Lifesciences-Enter-141M-Strategic-Collaboration-to-Advance-BOTBAL-Expand-Zydus-Biologics-Manufacturing-in-the-US/default.aspx