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.