RCUS Arcus Biosciences Inc

   By Colin Kellaher 
 

Shares of Arcus Biosciences Inc. rose more than 15% oThursday after collaboration partner Gilead Sciences Inc. exercised its options to three programs in Arcus's clinical-stage portfolio.

Arcus will receive $725 million in option payments for the programs, which the anti-TIGIT molecules domvanalimab and AB308, along with etrumadenant and quemliclustat.

Gilead, which formed its cancer collaboration with Arcus last year, said it has been encouraged by early clinical data from each of the programs, and that companies can now accelerate the clinical development and advancement of the clinical-stage molecules and explore treatment combinations across their portfolios.

Analysts at SVB Leerink, who have long had an "outperform" rating on Arcus shares, said Gilead's move comes sooner than they had expected and validates the company's adenosine pathway.

SVB Leerink raised its price target on Arcus to $100 from $68, saying it expects Gilead will continue with trials that are already under way, and that the companies by early next year will announce a broader suite of studies for the medicines in new indications and treatment settings.

Arcus shares were recently up 13.8% at $42.02 after hitting a 52-week high of $43.56 earlier in the session. Shares of Gilead edged up less than 1% to $67.98.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 18, 2021 12:52 ET (17:52 GMT)

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