JNCE - Jounce shares rise on $25M milestone payment from Gilead

Jounce Therapeutics (JNCE) announces the triggering of a $25M milestone payment in relation to the company's agreement with Gilead Sciences (GILD).Shares up more than 10% premarket.The milestone was reached after the the U.S. FDA cleared the Investigational New Drug ((IND)) application for JTX-1811, an anti-CCR8 antibody, for which Gilead has exclusive rights to develop and commercialize.JTX-1811, which will be referred to as GS-1811 in Gilead’s pipeline, is a monoclonal antibody created by Jounce and designed to selectively deplete immunosuppressive tumor-infiltrating T regulatory ((TITR)) cells.After receiving this $25M milestone payment, Jounce may receive up to an additional $660M in future clinical, regulatory and commercial milestone payments and will also be eligible to receive royalties ranging from high single digit to mid-teens based upon worldwide sales.The companies had inked the licensing deal valued up to $805M, in September last year.

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Jounce shares rise on $25M milestone payment from Gilead