ITOS - GlaxoSmithKline - iTeos deal intensifies competition in anti-TIGIT space: Piper Sandler

Kanizphoto/iStock via Getty Images iTeos Therapeutics ([[ITOS]] -2.9%) is trading lower after posting a record one-day gain yesterday in reaction to a collaboration with GlaxoSmithKline to jointly develop and commercialize anti-TIGIT antibody EOS-448. In addition to $625M as an upfront payment, iTeos is entitled to ~$1.5B in milestone payments as part of the agreement. Piper Sandler analyst Christopher Raymond sees the larger-than-expected upfront payment from Glaxo as a boost for the experimental cancer therapy and notes that the deal could intensify competition for anti-TIGIT drugs. A deal on EOS-448 was largely expected Raymond wrote adding “what we didn’t anticipate, however, was the large upfront that brings Pro-forma cash to ~$930M” which according to the analyst validates and accelerates the drug’s early-stage development. The analyst has an overweight rating on iTeos with the price target of $50.00 per share implying a premium of ~81.8% to the last close. Several other developers of

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GlaxoSmithKline - iTeos deal intensifies competition in anti-TIGIT space: Piper Sandler