Shares of Gilead Sciences Inc. (GILD) were down 0.1% in premarket trading on Tuesday after the drugmaker announced an agreement to exclusively license Jounce Therapeutics Inc.'s (JNCE) tumor-infiltrating T regulatory cells program. Jounce, which said it plans to submit the antibody treatment to the Food and Drug Administration in the first half of next year, saw shares soar 91.7% in premarket trading on Tuesday. Gilead is paying $85 million upfront, making a $35 million investment if the deal closes, and allowing for up to $685 million in milestone payments. This is the latest in a handful of oncology deals ( ) that Gilead has engaged in 2020, including a $4.7 billion acquisition of Forty Seven Inc. and a $275 million stake in Pionyr Immunotherapeutics Inc. However, Gilead's stock has struggled to regain momentum ( ) from its year-to-date high in April, when it reported the first batch of clinical data for its experimental COVID-19 drug remdesivir. Gilead's stock is up 2.7% for the year, while the S&P 500 has gained 8.3% since the start of the year.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 01, 2020 09:23 ET (13:23 GMT)
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