Gritstone Oncology Shares Rise on HIV Work With Gilead
By Colin Kellaher
Gritstone Oncology Inc. shares rose nearly 8% Monday after the biotechnology company said it will work with Gilead Sciences Inc. to develop a therapeutic vaccine targeting human immunodeficiency virus, or HIV.
Gristone will receive $60 million upfront from Gilead, including $30 million in cash and a $30 million equity investment at a premium.
The Emeryville, Calif., company is also eligible for up to an additional $725 million in option-exercise and milestone payments, along with royalties on sales.
Gritstone shares were recently up 7.6% to $19.47 after rising as high as $22.04 earlier in the session.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
February 01, 2021 10:57 ET (15:57 GMT)
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