aibioAgenus takes up to $10,000,000 loan from Zydus, pledges 822,910 MiNK shares
The note bears interest at 3.81% a year and is tied to the closing of an asset and stock purchase deal the companies signed on June 3, 2025.
Key facts
- Companies
- Agenus Inc. (NASDAQ: AGEN), MiNK Therapeutics, Inc. (NASDAQ: INKT)
- News type
- Financings
- Primary source
- Agenus Inc. 8-K (2025-10-09)
Agenus Inc. said it entered into a Promissory Note Agreement with Zydus Pharmaceuticals (USA) Inc. on October 8, 2025 for up to $10,000,000. Zydus is a wholly owned subsidiary of Zydus Lifesciences Limited.
The note bears interest at 3.81% per annum. It matures when Agenus and Zydus close the Asset Purchase Agreement and Securities Purchase Agreement they signed on June 3, 2025. If those deals will not close, the note is due within 10 days after notice that they will not be completed.
Agenus will use the money to fund operating expenses at its Emeryville and Berkeley facilities for the fourth quarter of 2025 and to make certain payments tied to assets covered by the asset purchase agreement. The amount used for the facilities will be forgiven and not repaid if the two agreements close.
As collateral, Agenus pledged 822,910 shares of MiNK Therapeutics, Inc. (NASDAQ: INKT) common stock that it owns. It also signed a control agreement that gives Zydus certain rights over those shares if Agenus defaults on the note. The pledge is expected to be released once the note is repaid or forgiven, according to the filing.
Agenus said it will file the note and related agreements, with confidential terms redacted as applicable, with its quarterly report for the quarter ended September 30, 2025.