|Bid||14.05 x 900|
|Ask||14.08 x 800|
|Day's Range||13.51 - 14.40|
|52 Week Range||2.54 - 35.20|
|Beta (5Y Monthly)||0.38|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 05, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||21.00|
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Gilead Sciences announced a partnership in HIV with Gritstone Oncology, and upped its stake in Arcus Biosciences. Biotech stock Arcus jumped, but Gritstone fell at the stock market's close.
Shares of Gritstone Oncology Inc. soared 44% in premarket trade Monday, after the company unveiled an agreement with Gilead Sciences Inc. to use Gritstone's vaccine platform technology to develop a treatment for HIV. "Gilead and Gritstone will develop an HIV-specific therapeutic vaccine using Gritstone's proprietary prime-boost vaccine platform, comprised of self-amplifying mRNA (SAM) and adenoviral vectors, with antigens developed by Gilead," the companies said in a statement. Under the terms of the deal, Gritstone will receive an upfront payment of $60 million, comprising a $30 million cash payment and a $30 million equity investment at a premium. Gilead will conduct a Phase I study for the therapeutic vaccine and hold an exclusive option to obtain an exclusive license to develop and commercialize the vaccine beyond Phase 1. Gritstone will be entitled to up to an additional $725 million if the option is exercised and certain clinical, regulatory and commercial milestones are met, as be entitled to mid single-digit to low double-digit tiered royalties on net sales. "While HIV treatment has advanced dramatically over the past three decades, people living with HIV still face a lifetime of therapy," said Diana Brainard, MD, Senior Vice President, Virology Therapeutic Area, Gilead Sciences. "Curing HIV remains the ultimate aspiration for Gilead's HIV research and development efforts." Gilead shares rose 0.5% premarket. Gritstone shares have gained 104% in the last 12 months, while the S&P 500 has gained 15%.