Published on 29 May 2024 on Zacks via Yahoo Finance
Agios (AGIO) Up 23% on Selling Brain Cancer Drug Royalty
Shares of Agios Pharmaceuticals AGIO rose more than 20% on May 28 after it entered into a deal with Royalty Pharma RPRX to sell the royalty rights on potential net sales of vorasidenib, a brain cancer therapy.
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.