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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jounce Therapeutics Inc | NASDAQ:JNCE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.88 | 2.00 | 1.79 | 0 | 01:00:00 |
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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