iTeos Therapeutics Shares Rise 32% on Deal With GlaxoSmithKline
June 14 2021 - 9:40AM
Dow Jones News
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 chris.wack@wsj.com
(END) Dow Jones Newswires
June 14, 2021 10:31 ET (14:31 GMT)
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