GlaxoSmithKline teams up with iTeos to develop cancer drug

GlaxoSmithKline has teamed up with US clinical stage biopharmaceutical group iTeos Therapeutics to co-develop and co-commercialise EOS-448, a monoclonal antibody currently in development as a potential treatment for patients with cancer.

Under the terms of the deal, Glaxo has agreed to make an upfront payment of $625m to iTeos. It will also be eligible to receive up to an additional $1.45bn in milestone payments, should the EOS-448 programme achieve certain development and commercial milestones.

Dr Hal Barron, chief scientific officer and president of R&D at Glaxo, said: "Immuno-oncology has transformed cancer care but unfortunately less than 30% of patients respond to treatment with the current leading immune checkpoint inhibitors.

"Based on the underlying science, we believe that combinations of a PD-1, TIGIT, CD96 and PVRIG inhibitor could become transformative medicines for many patients with cancer. We are excited to collaborate with the team at iTeos and together we can play a leading role in the next generation of immuno-oncology therapies."

At 1345 BST, Glaxo shares were up 0.5% at 1,410.40p, while iTeos shares surged 56% in pre-market trade to $31.30.