Bristol Myers Squibb Terminates Cancer Drug Development Program With Agenus
Portfolio Pulse from Vandana Singh
Bristol Myers Squibb (BMY) has terminated its license, development, and commercialization agreement with Agenus Inc (AGEN) for the cancer drug AGEN1777. This decision is part of a broader strategic realignment. The termination will be effective from January 26, 2025. The news follows recent failures of similar TIGIT drugs from Roche (RHHBY) and Merck (MRK). AGEN's stock dropped 7.10% following the announcement.
August 05, 2024 | 6:31 pm
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NEUTRAL IMPACT
Bristol Myers Squibb (BMY) has terminated its agreement with Agenus Inc (AGEN) for the development of AGEN1777 as part of a strategic realignment. The termination will be effective from January 26, 2025.
The termination is part of BMY's broader strategic realignment. While it may have some impact on BMY's development pipeline, the overall effect on its stock price is likely neutral in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Merck & Co Inc (MRK) recently discontinued its TIGIT drug vibostolimab in a Phase 3 trial. This follows similar challenges faced by other companies in the TIGIT drug space.
Merck's discontinuation of its TIGIT drug reflects broader challenges in the TIGIT drug space, but the direct impact on MRK's stock is likely neutral in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Roche Holdings AG (RHHBY) faced a setback as its TIGIT drug tiragolumab failed in a Phase 3 study. This adds to the challenges in the TIGIT drug space.
Roche's failure in the Phase 3 study of its TIGIT drug highlights the challenges in this drug space. However, the direct impact on RHHBY's stock is likely neutral in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Agenus Inc (AGEN) revealed that Bristol Myers Squibb (BMY) has terminated their agreement for the development of AGEN1777. This decision is part of BMY's strategic realignment. AGEN's stock fell 7.10% following the news.
The termination of the agreement by BMY is a significant setback for AGEN, leading to a notable drop in its stock price. The decision impacts AGEN's development pipeline and financial outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100