Compugen surges on licensing deal with Gilead for cancer therapy

Compugen

19/12/2023 13:35

** U.S.-listed shares of Compugen Ltd  CGEN.TA  CGEN.O  more
than double to $1.98 - top pct gainer across U.S. stock
exchanges premarket
    ** Drug developer enters into a deal under which it will
license its potential pre-clinical immunotherapy program,
including the COM503 drug candidate, to Gilead Sciences  GILD.O 
    ** GILD to have exclusive rights to help with late-stage
development and commercialization of antibodies with potential
to treat various tumor types 
    ** GILD to make $60 mln upfront payment to CGEN and $30 mln
in a near-term milestone payment; total deal valued at up to
$848 mln, including regulatory and commercial milestone payments
    ** The deal is expected to reduce GILD's 2023 profit and
adjusted profit by about $0.03 - $0.05
    ** Up to Monday's close, CGEN's stock had risen 2% YTD 

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))