Xilio Therapeutics surges on license deal with Gilead, job cuts

Xilio Therapeutics

28/03/2024 12:28

** Drug developer Xilio Therapeutics's  XLO.O  shares more
than triple to $2.04 premarket 
    ** Co announces exclusive license agreement with Gilead
 GILD.O  to develop and commercialize its cancer therapy 
    ** Under the terms of the deal, XLO will receive $43.5 mln
upfront and will also be eligible for additional milestone
payments of up to $604 mln
    ** Separately, co to reduce its headcount by 15 employees,
about 21% of its current workforce
    ** Estimates the workforce reduction will be substantially
completed in the first half of 2024
    ** XLO plans to discontinue further investment in XTX202, a
therapy to treat a type of kidney cancer as a monotherapy 
    ** Up to last close, stock has risen 16.2% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))