Gilead Purchases Rights to Cancer Therapy in $67 Million Deal

Gilead Sciences (GILD.O) will buy all the remaining rights for an experimental cancer therapy, GS-1811, from Jounce Therapeutics (JNCE.O) for $67 million, the drugmaker said on Tuesday.

The amended licensing deal will bolster Jounce’s cash resources in a challenging market for biotech companies.

Shares of Jounce more than doubled to $1.68, while Gilead’s shares fell marginally in after market trading.

Read the source article at reuters.com