Gilead will treat cancer
2022.12.29 14:57
Gilead will treat cancer
Budrigannews.com – (NASDAQ:) Gilead Sciences will acquire from Jounce Therapeutics (NASDAQ:) all remaining rights to an experimental cancer treatment known as GS-1811. for $67 million, the pharmaceutical company stated on Tuesday.
In a competitive market for biotech companies, the amended licensing agreement will increase Jounce’s cash resources.
Gilead’s shares fell slightly after the market, while Jounce’s shares more than doubled to $1.68.
All future global development and commercialization of GS-1811 will now be handled solely by Gilead. On both a GAAP and non-GAAP basis, the amended agreement is anticipated to result in a 4 cent decrease in its 2022 earnings per share.
GS-1811 works by selectively depleting T-cells that suppress the body’s immune response and permit tumor growth in an early-stage trial for patients with solid tumors.
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In 2020, the drugmakers had consented to team up on improvement of GS-1811, when Gilead made a forthright installment of $85 million to Bump. Under the underlying terms, Jerk was qualified to get up to $685 million in achievement installments from Gilead, of which it has gotten $40 million up until this point.
Jounce will no longer receive any of the therapy’s sales-based royalties or the remaining milestone payments as a result of the amendment.
