Agios' strategic sale of Vorasidenib rights pays off.
Sectors & Industries
June 6, 2024
Agios Pharmaceuticals' shares surged 23.21% on the 28th after announcing the sale of its 15% royalty rights on the brain cancer drug Vorasidenib to Royalty Pharma for $905 million.
Agios (AGIO) will retain a 3% royalty on U.S. net sales exceeding $1 billion annually.
Vorasidenib was a part of Agios’ oncology business that was sold to France-based pharmaceutical company Servier in 2021.
Per the sale terms, the company is entitled to receive a 15% royalty on potential net sales of the drug in the United States following a possible FDA approval.
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