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Agios PharmaceuticalsNASDAQ: AGIWAmerican drugmaker ABM said it will receive $1.1 billion in milestone payments after the U.S. Food and Drug Administration approved its drug furasidinib to treat malignant brain tumors.
The biotech company said it will receive $905 million from Royalty Pharma in connection with its recent royalty agreement. Agreement and $200 million from Servier, which acquired furasidinib in 2021 when it bought Agios’ oncology business, According to the statement.
Earlier on Tuesday, The Food and Drug Administration announced The agency approved furasidinib for the treatment of patients 12 years of age and older with grade 2 astrocytoma or oligodendroglioma with a sensitive mutation in IDH1 or IDH2, following surgery including biopsy, partial resection, or total resection.
Servier will market the treatment under the brand name Voranigo.
Agios said the payments, expected to be made in the third quarter, will boost its cash balance to $1.7 billion. The additional funds will enable the company to prepare for the launch of its potential treatment, Perokind, also known as Metabivat, for thalassemia in 2025 and sickle cell disease in 2026.
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