The shares of iTeos Therapeutics Inc. (ITOS) were up 51.37% in premarket trading at $30.32. iTeos stock closed at $20.03 last session, up 0.86% or $0.17. ITOS stock fluctuated throughout the day between $19.50 and $20.19 on Friday. ITOS stock has been rising due to a collaboration deal with Glaxo.
What is the collaboration about?
iTeos is a biopharmaceutical firm that pioneers the discovery and development of novel immunooncology therapies for patients. ITOS’s pipeline includes two clinical-stage programs focusing on novel, validated immuno-oncology therapies: EOS-448, an antibody product candidate, and inupadenant, an insurmountable antagonist of the adenosine A2A receptor.
iTeos and GlaxoSmithKline (GSK) today announced an agreement to co-develop and co-commercialize EOS-448, a monoclonal anti-TIGIT antibody that is currently in phase I development for cancer therapy.
A phase II randomised clinical trial and compelling preclinical data argue that TIGIT is a promising target for the next generation of immuno-oncology therapies. This collaboration between GSK and ITOS will put GSK in a unique position since it has access to antibodies that target all three known CD226 checkpoints: TIGIT, CD96, and PVRIG.
As part of the collaboration agreement:
- iTeos (ITOS) will receive an upfront payment of $625 million as part of the collaboration agreement.
- In the event that the EOS-448 program achieves certain development and commercial milestones, ITOS may receive an additional $1.45 billion in milestone payments.
- GSK and ITOS will jointly develop EOS-448 and will equally split profits in the US.
- The collaboration will mean GSK and ITOS share the responsibility and costs for the global development of the drug.
- A commercialization license will be provided exclusively to GSK outside the US, whereas ITOS will receive tiered royalties.
