iTeos Therapeutics Shares Rise 32% on Deal With GlaxoSmithKline

By Chris Wack

iTeos Therapeutics Inc. shares rose 32% to $26.54 after the company said it and GlaxoSmithKline Plc agreed to develop and commercialize EOS-448, an anti-TIGIT monoclonal antibody currently in phase I development as a potential treatment for patients with cancer.

The company said TIGIT, part of the CD226 checkpoint axis, has demonstrated potential as a promising target for the next generation of immuno-oncology therapies based on preclinical data and a phase II clinical trial.

EOS-448 is currently in an open-label phase I study in patients with advanced solid tumors. GSK and iTeos plan to start combination studies of EOS-448 with dostarlimab in 2022.

Under the terms of the collaboration agreement, iTeos will receive an upfront payment of $625 million. iTeos will be eligible to receive up to an additional $1.45 billion in milestone payments if the EOS-448 program achieves certain development and commercial milestones.

Within the collaboration, GSK and iTeos will share responsibility and costs for the global development of EOS-448 and will jointly commercialize and equally split profits in the U.S. Outside of the U.S., GSK will receive an exclusive license for commercialization and iTeos will receive tiered royalty payments.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

June 14, 2021 10:31 ET (14:31 GMT)

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