ITOS - iTeos climbs on agreement with GlaxoSmithKline for anti-TIGIT antibody

JuSun/iStock via Getty Images iTeos Therapeutics (ITOS) has surged ~60.2% in the pre-market after announcing an agreement with GlaxoSmithKline (GSK) to jointly develop and commercialize EOS-448 an anti-TIGIT monoclonal antibody currently undergoing Phase 1 studies as a potential cancer therapy. Per the terms, Teos is entitled to receive an upfront payment of $625M in addition to ~$1.5B in milestone payments subject to the achievement of certain development and commercial targets. The two companies will jointly commercialize and equally share profits in the U.S. and iTeos will be eligible for tiered royalty payments for sales outside the U.S. where GSK will have an exclusive license for commercialization. iTeos has scheduled a conference call to discuss the agreement at 8:30 a.m. EST today.

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iTeos climbs on agreement with GlaxoSmithKline for anti-TIGIT antibody