Agios Pharmaceuticals Inc. (AGIO) announced that it will receive a total of $1.1 billion in milestone payments. This follows the U.S. Food and Drug Administration approval of vorasidenib for treating adult and pediatric patients aged 12 years and older with Grade 2 astrocytoma or oligodendroglioma who have a susceptible IDH1 or IDH2 mutation after surgery, including biopsy, sub-total resection, or gross total resection. The payments include $905 million from Royalty Pharma under the vorasidenib royalty purchase agreement announced in May 2024, and $200 million from Servier related to Agios' divestiture of its oncology business in 2021.
Agios noted that the payments will boost its pro-forma cash position as of June 30, 2024, to $1.7 billion. This strong cash position will enable Agios to prepare for the potential PYRUKYND (Mitapivat) launches in thalassemia in 2025 and sickle cell disease in 2026, while also advancing its pipeline.
AGIO closed Tuesday's regular trading at $42.61 up $0.02 or 0.05%. In the after-hours trading, the stock further gained $4.39 or 10.30%.
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