Jounce Therapeutics (JNCE) : licensing agreement with Gilead Sciences (GILD)

• Gilead Sciences (GILD) announced an agreement to exclusively license Jounce Therapeutics Inc.'s (JNCE) tumor-infiltrating T regulatory cells program. 
• Jounce said it plans to submit the antibody treatment to the Food and Drug Administration in the first half of next year. 

 

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 (SPX) has gained 8.3% since the start of the year.