Agio’s shares jump 20% after announcing plans to sell cancer portfolio

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Shares of Agios Pharmaceuticals Inc. 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 is up 14.8%.
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