CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 11, 2013--
Agios Pharmaceuticals, Inc. (NASDAQ: AGIO), a leader in the fields of
cancer metabolism and inborn errors of metabolism, today announced an
extension of one additional year to the period of exclusivity for their
strategic cancer metabolism collaboration with Celgene Corporation
(NASDAQ: CELG).
“The quality of the scientific interaction and collaboration with Agios
has been outstanding,” said Thomas Daniel, M.D., president of research
for Celgene. “We are pleased that while AG-221 and AG-120 are advancing
into clinical development, significant progress is also being made on
new targets in cancer metabolism. We are delighted to extend our
collaboration, building upon the unique synergies and a shared mission
to help cancer patients live longer and better lives.”
As a result of the extension, Celgene will maintain its exclusive option
to all drug candidates emerging from Agios’ cancer metabolism research
platform through April 2015. Under the terms of the agreement, Agios
will receive a $20 million payment. Celgene has the ability to further
extend this collaboration period for one additional year for an
additional payment.
“Celgene has been a tremendous partner, and we are thrilled to continue
our partnership with them seeking to establish the leading research and
development effort in the field of cancer metabolism,” said David
Schenkein, M.D., chief executive officer of Agios. “We believe that
Agios’ unique approach to cancer metabolism, based on deep science, has
the potential to fundamentally change the lives of cancer patients.”
Under the terms of the original agreement announced in April 2010, Agios
received a $130 million upfront payment, including an equity investment
that comprised the company’s Series B financing round. Agios leads
research and early development efforts through Phase 1, while Celgene
receives an option to obtain exclusive rights either upon IND acceptance
or at the end of Phase 1, to further develop and commercialize drugs
emerging from Agios’ cancer metabolism research. Celgene would lead and
fund global development and commercialization of some of these drugs,
and Agios would retain development and commercialization rights for
certain drugs in the United States. On all programs, Agios has the right
to receive up to $120 million in milestone-based payments as well as
royalties on any sales.
In October 2011, Celgene and Agios agreed, ahead of schedule, to extend
the discovery phase of their strategic collaboration targeting cancer
metabolism, extending the initial period of exclusivity from three years
to four years.
About Agios Pharmaceuticals, Inc.
Agios Pharmaceuticals is focused on discovering and developing novel
drugs to treat cancer and inborn errors of metabolism, or IEMs, which
are rare genetic metabolic diseases, through scientific leadership in
the field of cellular metabolism. In addition to an active research and
discovery pipeline across both therapeutic areas, Agios has multiple
first-in-class lead product candidates in cancer metabolism and IEMs in
clinical and/or preclinical development. All Agios programs focus on
genetically identified patient populations, leveraging our knowledge of
metabolism, biology and genomics. For more information, please visit our
website at www.agios.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995,
including statements regarding Agios’ expectations and beliefs about the
benefits of its collaboration with Celgene. The words “believe,”
“expect” “could,” “should,” “will,” “would,” “may” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Such statements are subject to important risks and uncertainties
that may cause actual events or results to differ materially from Agios’
current expectations and beliefs, including the risks and uncertainties
relating to: Agios’ ability to successfully commence and complete
necessary preclinical and clinical development of its product
candidates; Agios’ results of clinical trials and preclinical studies,
including subsequent analysis of existing data and new data received
from ongoing and future studies; Agios’ ability to maintain its
collaboration with Celgene on acceptable terms; the content and timing
of decisions made by the U.S. FDA and other regulatory authorities,
investigational review boards at clinical trial sites and publication
review bodies; unplanned cash requirements and expenditures; competitive
factors; Agios’ ability to obtain, maintain and enforce patent and other
intellectual property protection for any product candidates it is
developing; Agios’ ability to obtain the substantial additional capital
required to execute its plans and strategies; and general economic and
market conditions. These and other risks are described under the caption
“Risk Factors” in Agios’ Quarterly Report on Form 10-Q for the quarter
ended September 30, 2013, which is on file with the Securities and
Exchange Commission (SEC), and in other filings that Agios may make with
the SEC in the future. Any forward-looking statements contained in this
press release speak only as of the date hereof, and Agios expressly
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Source: Agios Pharmaceuticals, Inc.
Agios Pharmaceuticals, Inc.
Media:
Dan Budwick, 973-271-6085
dan@purecommunicationsinc.com
or
Investors:
Glenn
Goddard
investors@agios.com
