Iteos Therapeutics said Monday that it has sold ownership rights to an experimental anti-TIGIT cancer antibody to GlaxoSmithKline — the most recent and largest licensing deal yet for a drug in the unproven, but highly sought-after class of immunotherapy treatments.
Glaxo has struggled to compete against its pharma rivals in the cancer drug business, so it had little choice but to pay up big for rights to an anti-TIGIT drug — in this case, an upfront cash payment of $625 million for rights to the drug, called EOS-448.
That’s nearly equivalent to iTeos’ entire market value and double its current cash.
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