LEXINGTON, Mass. — Agenus said it has closed its previously announced $141 million strategic collaboration with Zydus Lifesciences, a deal aimed at accelerating global development of the company’s botensilimab and balstilimab immunotherapy combination and strengthening U.S.-based biologics manufacturing capacity.
The collaboration provides Agenus with strategic capital and long-term access to dedicated biologics manufacturing capacity in the United States to support clinical development of the BOT+BAL program, authorized early access pathways, and preparation for potential commercialization.
Under the agreement, Agenus has granted Zydus exclusive rights to develop and commercialize botensilimab and balstilimab in India and Sri Lanka, with Agenus eligible to receive royalties on net sales in those territories. The collaboration was first announced on June 3, 2025.
The financial terms include a $75 million upfront cash payment to Agenus related to the transfer of biologics manufacturing facilities in Emeryville and Berkeley, California, a $16 million equity investment by Zydus in Agenus common stock representing approximately 2.1 million shares at $7.50 per share, and up to $50 million in contingent milestone payments tied to BOT+BAL production orders.
“Closing this collaboration with Zydus strengthens our balance sheet and, critically, secures dedicated U.S. manufacturing capacity at a pivotal moment for Agenus,” said Dr. Garo Armen, Ph.D., Chairman and Chief Executive Officer of Agenus. “With these foundations in place, our focus in 2026 is disciplined execution—advancing our Phase 3 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.”
In 2025, the BOT+BAL combination demonstrated a two-year overall survival rate of 42 percent and a median overall survival of 21 months in an expanded cohort of 123 patients with third-line or later microsatellite-stable metastatic colorectal cancer without active liver metastases. Building on those results, Agenus, in collaboration with the Canadian Cancer Trials Group, has initiated the global BATTMAN Phase 3 trial, with sites activated and prepared to enroll patients.
Following the closing of the transaction, the Emeryville and Berkeley biologics manufacturing facilities will be transferred to Zydus and operated under a newly formed subsidiary, Zylidac Bio LLC. Agenus said it has secured committed manufacturing capacity at the U.S. sites to support BOT+BAL supply needs for clinical trials, global access programs, and future commercialization.
“This transaction further positions Agenus to execute on its near- and long-term strategy as interest in BOT+BAL continues to grow globally,” the company said.
Dr. Sharvil P. Patel, Managing Director of Zydus Lifesciences Limited, said the deal expands Zydus’ U.S. manufacturing footprint and capabilities.
“With this deal, Zylidac Bio LLC will now provide biologicals manufacturing sites offering CDMO services to biopharmaceutical companies globally,” Patel said. “This supports the evolving landscape of biological product manufacturing in the U.S., which prioritizes secure, domestic, and high-quality supply chains for advanced therapies. Zylidac Bio LLC offers a critical, compliant solution for global innovators and allows for a localized supply chain. It reinforces our ability to serve the international biopharmaceutical industry with reliability and innovation.”
Agenus said it was advised on the transaction by Porrima Ltd. and Biotech Value Advisors, which provided guidance on partner selection, transaction structure, and negotiations.
