SURF - Surface Oncology shares rise 7% on licensing deal with GSK for immunotherapy program

Surface Oncology (SURF) inks an agreement with GlaxoSmithKline (GSK) for worldwide development and commercial rights to its preclinical program SRF813. Under the terms of the agreement, Surface Oncology will receive an upfront payment of $85M, potential milestone payments of $730M, as well as be eligible to receive tiered royalties on global net sales. “Furthermore, the economics of the transaction position us well to continue to drive the development of our wholly-owned clinical programs, SRF617 and SRF388, while also advancing SRF114, our CCR8 targeted program,” said Jeff Goater, CEO at Surface Oncology.“We believe this transaction is further validation of our strong immuno-oncology drug discovery capabilities.” he added.SRF813 is a fully human, IgG1 antibody targeting PVRIG (also known as CD112R), an inhibitory protein expressed on natural killer cells (NK cells) and T cells.SURF shares up 7% premarket, GSK +2%.

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Surface Oncology shares rise 7% on licensing deal with GSK for immunotherapy program