The Life Sciences team advised Jounce Therapeutics (Nasdaq: JNCE) on its agreement with Gilead Sciences (Nasdaq: GILD) to exclusively license its JTX-1811 program. The Goodwin team is also advising Jounce on the transaction’s applicable antitrust clearance under the Hart–Scott–Rodino Antitrust Improvements Act.
Under the terms of the agreement, Gilead will make a $85 million upfront payment to, and a $35 million equity investment at a premium in, Jounce upon closing. Jounce may receive up to an additional $685 million in future clinical, regulatory, and commercial milestone payments. Jounce will also be eligible to receive royalties ranging from high single digit to mid-teens based upon worldwide sales, subject to certain adjustments. Jounce will lead development of JTX-1811 through IND clearance, and thereafter, Gilead will have the sole right to develop JTX-1811. JTX-1811 is not approved anywhere globally. Its efficacy and safety have not been established.
Jounce Therapeutics is a clinical-stage immunotherapy company dedicated to transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long-lasting benefits to patients through a biomarker-driven approach.
The Goodwin team is led by Christopher Denn, Jennifer Ford, and Paul Jin.
For additional details on the licensing agreement, read the press release and coverage in Seeking Alpha, Xconomy, and BioSpace.