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    GSK   GB0009252882

GLAXOSMITHKLINE PLC

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GlaxoSmithKline, ITeos Therapeutics Team Up to Develop Immuno-Oncology Drug

06/14/2021 | 05:14am EDT

By Adria Calatayud

British pharmaceutical giant GlaxoSmithKline PLC and U.S. biotech company iTeos Therapeutics Inc. said Monday that they have reached an agreement to develop and commercialize an immuno-oncology drug in a deal worth up to $2.08 billion.

Under the deal, GSK will pay $625 million upfront to iTeos, with up to an additional $1.45 billion in milestone payments if the drug achieves certain development and commercial goals, the companies said.

GSK and iTeos said they will share responsibility and costs for the global development of the drug and will jointly commercialize and equally split profits in the U.S. Outside of the U.S., the British company will get an exclusive commercialization license and iTeos will receive royalty payments, they said.

The drug, called EOS-448, is a monoclonal antibody currently in phase 1 development as a potential treatment for patients with cancer, the companies said. The drug targets and blocks an immune checkpoint called TIGIT, which is a key inhibitor of anti-tumor responses.

GSK and iTeos said they will explore next-generation immuno-oncology agents through combinations to evaluate their potential to treat different cancers. The companies plan to start with combination studies of EOS-448 with GSK's recently-approved Jemperli, a first-generation immuno-oncology therapy, in 2022.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

06-14-21 0714ET

Stocks mentioned in the article
ChangeLast1st jan.
GLAXOSMITHKLINE PLC -1.45% 1397 Delayed Quote.4.31%
ITEOS THERAPEUTICS, INC. 0.45% 24.43 Delayed Quote.-27.76%
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Financials
Sales 2021 33 019 M 45 645 M 45 645 M
Net income 2021 3 385 M 4 679 M 4 679 M
Net Debt 2021 21 463 M 29 671 M 29 671 M
P/E ratio 2021 20,4x
Yield 2021 5,71%
Capitalization 70 047 M 96 813 M 96 833 M
EV / Sales 2021 2,77x
EV / Sales 2022 2,59x
Nbr of Employees 94 066
Free-Float 92,2%
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Number of Analysts 27
Last Close Price 1 399,80 GBX
Average target price 1 518,63 GBX
Spread / Average Target 8,49%
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Emma N. Walmsley Chief Executive Officer & Executive Director
Iain James Mackay Chief Financial Officer & Executive Director
Jonathan Richard Symonds Non-Executive Chairman
Karenann K. Terrell Chief Digital & Technology Officer
Hal V. Barron Executive Director & Chief Scientific Officer
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