Agios (AGIO) Up 23% on Selling Brain Cancer Drug Royalty
Agios Pharmaceuticals(AGIO) zacks.com·2024-05-30 01:36
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.Currently, the Serv ...