GSK - Why Surface Oncology Stock Sank Today
Shares of Surface Oncology (NASDAQ: SURF) were down by 13.6% as of 3:32 p.m. EST on Thursday. The decline came after the company announced a deal with GlaxoSmithKline (NYSE: GSK) to license its preclinical program SRF813 for $85 million up front. Surface is also eligible to receive up to $730 million in milestone payments, plus tiered royalties on any sales of the product in the future.
Ordinarily, a major licensing deal with a big pharmaceutical company would be seen as good news for a small drugmaker like Surface. So why did the biotech stock fall instead of climbing?
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Why Surface Oncology Stock Sank Today