FOSTER CITY (dpa-AFX) - Gilead Sciences, Inc. (GILD) and Jounce Therapeutics, Inc. (JNCE) amended their existing license agreement for GS-1811, enabling Gilead to buy out remaining contingent payments potentially due under the license agreement executed in August 2020.
As part of the transaction, certain operational obligations of the parties related to GS-1811, an anti-CCR8 antibody, set forth in the license agreement have also been terminated.
Gilead will acquire certain related intellectual property, including all outstanding rights of Jounce to GS-1811.
GS-1811 is a potentially first-in-class immunotherapy. It is designed to selectively deplete immunosuppressive tumor-infiltrating T regulatory cells in the tumor microenvironment and is currently in Phase 1 clinical development as a possible treatment for patients with solid tumors.
'We are pleased to announce the signing of this transaction with Gilead, who have a strong track record of developing and successfully commercializing leading brands in biotechnology,' said Richard Murray, Ph.D., Chief Executive Officer and President of Jounce. 'This transaction allows us to extend our runway and remain focused on delivering meaningful and long-lasting benefits to cancer patients. It was important for Jounce at this time to bolster our cash resources, given challenges in capital markets for biotech companies.'
Jounce will receive proceeds of $67 million for this transaction, and Gilead will be solely responsible for all further research, development and commercialization of GS-1811 globally.
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