By Michael Dabaie 



  Gilead Sciences Inc. said it agreed with Jounce Therapeutics Inc., a clinical-stage company focused on cancer immunotherapies and predictive biomarkers, to exclusively license its JTX-1811 immunotherapy program. 


  The antibody remains on track for filing an investigational new drug application in the first half of 2021, Gilead said. 


  Gilead will make a $85 million upfront payment to Jounce and a $35 million equity investment at a premium, the company said. Jounce may receive up to an additional $685 million in future clinical, regulatory and commercial milestone payments, Gilead said. 


  Jounce will be eligible to receive royalties ranging from high single digit to mid-teens based upon worldwide sales. 


  Jounce will lead development of JTX-1811 through IND clearance, and thereafter, Gilead will have the sole right to develop JTX-1811. 


  Gilead said it expects the transaction to close in the second half of 2020. 


  Write to Michael Dabaie at michael.dabaie@wsj.com