Jounce Therapeutics (NASDAQ:JNCE) is up 41% after hours in reaction to its updated partnership with Celgene (NASDAQ:CELG) under which the latter has in-licensed global rights to JTX-8064, an LILRB2 receptor-targeting monoclonal antibody.
Jounce retains all rights to its other pipeline candidates, including JTX-4014 and vopratelimab and all discovery programs.
The parties have mutually agreed to terminate the original agreement that was signed three years ago that gave Celgene to option to license voratelimab (formerly JTX-2011).
Under the terms of the new deal, Celgene will pay Jounce $50M upfront, up to $480M in milestones and royalties on net sales. Celgene will be responsible for all development and commercialization activities for JTX-8064.
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