Jounce Therapeutics Shares Up 54% After License Agreement With Gilead
02 September 2020 - 12:21AM
Dow Jones News
By Michael Dabaie
Jounce Therapeutics Inc. shares were up 54% to $7.45 in morning
trading.
Gilead Sciences Inc. earlier said it agreed with Jounce, a
clinical-stage company focused on cancer immunotherapies and
predictive biomarkers, to exclusively license its JTX-1811
immunotherapy program.
The antibody remains on track for filing an investigational new
drug application in the first half of 2021, Gilead said.
Gilead will make an $85 million upfront payment to Jounce and a
$35 million equity investment at a premium, the company said.
Jounce may receive up to an additional $685 million in future
clinical, regulatory and commercial milestone payments, Gilead
said.
Jounce will be eligible to receive royalties ranging from
high-single digit to mid-teens based upon worldwide sales.
Jounce will lead development of JTX-1811 through IND clearance,
and thereafter, Gilead will have the sole right to develop
JTX-1811.
Gilead said it expects the transaction to close in the second
half of 2020.
"JTX-1811 is complementary to our other oncology candidates and
has the potential to be first in a new class of therapies as a
treatment for people with both solid tumors and hematological
malignancies," said William A. Lee, executive vice president of
research at Gilead.
Gilead shares were down 1.7% to $65.60.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 01, 2020 10:06 ET (14:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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