Agios planning $75 million follow-on

Agios Pharmaceuticals Inc. (NASDAQ:AGIO) proposed to raise $75 million in a follow-on underwritten by JPMorgan and Goldman Sachs. The proposed offering comes after Agios gained $9.87 (28%) to $45.35 on Monday after reporting Phase I data for AG-221 at the American Association for Cancer Research meeting. In the trial, AG-221 led to three complete remissions, two complete remissions with incomplete platelet recovery (CRp) and one partial response in seven evaluable patients with hematologic malignancies. Celgene Corp. (NASDAQ:CELG) has the exclusive option to license the inhibitor of mutated isocitrate dehydrogenase 2 (IDH2) at the end of Phase I testing (see BioCentury, April 7). ...