Agios to exit oncology, reward investors via Servier deal as lead anemia program nears submission

Amid a changing cancer landscape, Agios is selling its oncology business for at least $1.8 billion, giving Servier a commercial product and a candidate in Phase III testing. The 12-year-old biotech now sees more value in addressing genetically defined diseases outside of oncology, with a lead program it believes can be a blockbuster to treat rare anemias.

The company expects to return at least $1.2 billion to shareholders, mostly in the form of share buybacks, CEO Jacqualyn Fouse said on a conference call Monday. Agios believes the remainder, coupled with its existing cash holdings, will give the company a path to profitability. ...