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Agios Pharmaceuticals (NASDAQ:AGIO) said it will receive a $1.1B milestone payment following the FDA’s approval of vorasidenib for the treatment of malignant brain tumors.
Biotech says it will receive $905 million from royalty Pharma for latest royalties The agreement and $200 million from Servier, which acquired vorasidenib when it acquired Agios’ oncology business in 2021, according to a statement.
Earlier Tuesday, the FDA announced it has approved vorasidenib for the treatment of patients 12 years of age and older with grade 2 astrocytoma or oligodendroglioma with a predisposing IDH1 or IDH2 mutation who underwent biopsy, subtotal resection, or after surgery such as total total resection.
The treatment will be marketed by Servier under the brand name Voranigo.
Agios said it expects the payments in the third quarter to bring its cash position to $1.7B. The additional cash will allow the company to prepare for the possible launch of Pyrukynd (also known as mitapivat), a treatment for thalassemia in 2025 and a treatment for sickle cell disease in 2026.
