Agios Pharmaceuticals, Inc. Spikes pre market

Agios Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery and development of novel investigational medicines to treat cancer and rare genetic diseases. It focuses on diseases that are directly caused by changes in genes or chromosomes, often passed from one generation to the next. The company was founded by Lewis Clayton Cantley, Tak W. Mak, Craig B. Thompson and Shin-Shan Michael Su on August 7, 2007 and is headquartered in Cambridge, MA.


Shares of Agios Pharmaceuticals Inc. AGIO, -0.63% soared 20.6% in premarket trading on Monday after the company said it is selling its oncology portfolio to Servier, a privately held French pharmaceutical company. Servier will pay $1.8 billion in cash upfront and $200 million in potential future milestone payments for vorasidenib as well as a small percentage of royalties for U.S. net sales of acute myeloid leukemia treatment Tibsovo and U.S. net sales of vorasidenib, if the experimental therapy is approved by the Food and Drug Administration. The deal is expected to close in the second quarter of next year. Shares of Agios have tumbled 30.0% this year, while the S&P 500 SPX, -0.35% is up 14.8%.