Zydus buys Agenus' biologics plants in US for $125 mn, licenses cancer therapy
The Ahmedabad-based pharmaceutical firm said the acquisition will establish its presence in the rapidly-expanding global biologics contract development and manufacturing organization (CDMO) sector.
Zydus is also acquiring a 5.9% stake in Agenus for $16 million, through its wholly-owned subsidiary Zynext Ventures USA LLC, it said in an exchange filing on Tuesday.
The drugmaker has also entered into a licensing agreement with Agenus to commercialise its investigational Botensilimab (BOT) and Balstilimab (BAL) combination therapy in India and Sri Lanka.
Agenus is a clinical-stage immuno-oncology company committed to developing immune therapies against cancer.
The move to acquire biologics manufacturing facilities in the US aligns with Zydus' strategic focus on biologics as a key growth driver this year.
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"The acquisition will give Zydus a strategic foothold in the US for biologics manufacturing in the global hub for biotech innovation, California," managing director Sharvil Patel said in a statement. 'This move strengthens our long-term biologics vision and positions us to better serve the evolving needs of the global biopharmaceutical industry," he added.
Additionally, the acquisition gives the company a stronger manufacturing presence in the US, amid ongoing uncertainties over potential American tariffs on pharmaceutical imports.
In the company's earnings call last month, Patel had said the company is evaluating opportunities for local manufacturing in the US. 'We have committed to making a good amount of investments in the US with our foray into specialty and other areas," he told investors.
Exclusive manufacturer to Agenus
Under the terms of the agreement, Zydus will acquire two modern biologics manufacturing facilities from Agenus in Emeryville and Berkeley, California, for an upfront consideration of $75 million and contingent payment of $50 million to be paid over three years subject to achievement of certain revenue milestone.
The acquisition provides Zydus immediate access to advanced biologics manufacturing capabilities and a foothold in California, a leading global biotech hub. The move also enables Zydus to 'leverage supply chain dynamics and a favourable geopolitical environment to expand its reach in the U.S. and globally," it said in the release.
Also Read: KKR provides $600 mn financing to Manipal Group to fuel its corporate expansion
The CDMO business will operate as an independent entity and will house the acquired manufacturing capabilities.
As part of the transaction, Zydus will become the exclusive contract manufacturer for Agenus, and provide manufacturing services for the clinical and commercial supply of two identified Phase-3 ready immuno-oncology products - Botensilimab and Balstilimab.
Zydus will also have the first right of negotiation to manufacture any of the future pipeline products by Agenus.
Agenus reported a turnover of $103.46 million in 2024, according to the exchange filing.
Agenus' lead programme comprising Botensilimab and Balstilimab is a next-generation immunotherapy platform designed to strengthen and sustain the immune system's response against tumour cells. The platform, which is currently in advanced clinical trials, has demonstrated significant clinical activity across nine cancer types in more than 1,200 patients, including both late-stage and patients who have undergone neoadjuvant, or primary, therapy.
As part of the licensing agreement inked with Agenus, Zydus will be responsible for clinical development and regulatory approvals of the licensed products in India and Sri Lanka and will pay 5% royalty on net sales upon successful approval and commercialization.
Also Read: Young heirs take charge as Indian pharma firms plan succession
Zydus will expand the reach of the therapy within its initial indications, as well as drive its expansion into other high unmet need indications and earlier lines of treatment, including primary treatments, the company said.
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