Agenus Completes Acquisition of 4-Antibody

  Agenus Completes Acquisition of 4-Antibody

    Agenus gains powerful platform for rapid discovery and optimization of
       fully-human antibodies against a wide array of molecular targets

Business Wire

LEXINGTON, Mass. -- February 13, 2014

Agenus Inc. (Nasdaq: AGEN), a biopharmaceutical company developing novel
immunotherapeutics, including a portfolio of checkpoint modulators (CPMs),
anti-cancer vaccines and adjuvants, today completed the previously announced
acquisition of 4-Antibody AG, a private European-based biopharmaceutical
company.

The acquisition includes the Retrocyte Display^® technology platform which
enables rapid discovery and optimization of fully human antibodies against a
wide array of molecular targets. For the past three years, 4-Antibody has been
applying Retrocyte Display to create therapeutic antibodies to six key
checkpoint targets that regulate immune response to cancers and other
diseases. The company has multiple preclinical immune CPM programs in
development.

In this transaction, Agenus acquired all outstanding stock of 4-Antibody for
approximately 3.3 million shares of Agenus common stock, plus additional
contingent payments, payable in cash or Agenus common stock, that may exceed
$40 million based on the combined company achieving certain milestones. Agenus
intends to continue 4-Antibody’s operations in Basel, Switzerland and Jena,
Germany, and to retain the 4-Antibody management team as part of the combined
company. In addition, Shahzad Malik, M.D., General Partner at Advent Venture
Partners, 4-Antibody’s largest investor, has been appointed to Agenus’ Board
of Directors upon the closing.

“Through this acquisition, Agenus gained six programs targeting key
checkpoints that we plan to pursue vigorously,” said Garo Armen, Ph.D., CEO
and chairman of Agenus. “These assets, together with the substantial capital
raised in our recent public offering, position us well to develop a portfolio
of innovative immunotherapies for cancer. In addition, Agenus now has a
flexible platform for rapid discovery and optimization of fully-human
antibodies against a wide array of molecular targets, which we plan to
leverage on our own, with pharma partnerships, and through our collaborations
with Ludwig Cancer Research and Memorial Sloan Kettering Cancer Center.”

About Checkpoint Modulators

Promising clinical data with monoclonal antibodies that bind to checkpoint
molecules, such as cytotoxic T lymphocyte antigen-4 (CTLA-4) and programmed
death receptor-1 (PD-1) has sparked considerable excitement in the field of
cancer immunotherapy. Blocking these checkpoint molecules unlocks the braking
mechanism that gets in the way of immune cells attacking cancer cells.
Checkpoint modulator combinations such as CTLA-4 inhibitors and PD-1
inhibitors have shown impressive clinical responses in recent clinical trials.
Other checkpoints, such as GITR and OX40, act to stimulate immune function.
Agenus is driving leading edge programs to discover and develop fully human or
humanized monoclonal antibodies that act as agonists for GITR or OX40
signaling.

About Agenus

Agenus is a biopharmaceutical company focused on immuno-oncology with a
portfolio of checkpoint modulators and anti-cancer vaccines. The company’s
three platforms include checkpoint modulators, heat shock protein based
vaccines, and adjuvants. The company’s proprietary discovery engine Retrocyte
Display generates high quality therapeutic antibody drug candidates quickly
using a high-throughput approach incorporating full-length IgG format human
antibody libraries expressed in mammalian B-lineage cells. A portfolio of
checkpoint modulator programs is advancing in preclinical development, several
heat shock protein based vaccines are in Phase 2 studies, and the adjuvant
platform is extensively partnered with GlaxoSmithKline and Janssen and
includes several candidates in late-stage trials. Among Agenus and its
partners, 23 programs are in clinical development. For more information,
please visit www.agenusbio.com, or connect with the company on Facebook,
LinkedIn, Twitter and Google+.

Additional Information

Statements made in this press release include forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, regarding,
but not limited to, the use of proceeds from the offering. Forward-looking
statements can be identified by the use of words such as “may,” “will,”
“plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or
comparable terminology. Such forward-looking statements are inherently subject
to certain risks, trends and uncertainties, many of which Agenus cannot
predict with accuracy and some of which Agenus might not even anticipate, and
involve factors that may cause actual results to differ materially from those
projected or suggested. These risks and uncertainties include, among others,
the factors described under the Risk Factors section of Agenus’ Current Report
on Form 8-K, which was filed with the SEC on February 4, 2014. Agenus cautions
investors not to place considerable reliance on the forward-looking statements
contained in this release. These statements speak only as of the date of this
press release, and Agenus undertakes no obligation to update or revise the
statements.

Retrocyte Display ^ is a registered trademark of 4-Antibody AG.

Contact:

Agenus Inc.
Jonae R. Barnes, 617-818-2985
Vice President
Investor Relations and Corporate Communications
jonae.barnes@agenusbio.com
 
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