Arcus Biosciences rises after Gilead raises stake to 33%

Arcus Biosciences

29/01/2024 23:25

** Shares of drug developer Arcus Biosciences  RCUS.N  rise
12.1% to $17.15 in extended trading 
    ** Drugmaker Gilead  GILD.O  invests $320 mln or $21/shr in
RCUS, bringing GILD's stake in co to 33%
    ** Cos also discontinue a late-stage trial testing drug
candidate domvanalimab in combination with another experimental
drug zimberelimab in treating a type of lung cancer
    ** Cos reprioritize joint development of domvanalimab to
focus on advancing two late-stage trials testing the drug in
treating lung cancer and gastrointestinal cancer, respectively
    ** Stock fell 7.6% in 2023

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))