Dechert LLP advised Celgene Corporation, a biopharmaceutical company working in discovery, development, and commercialization of cancer and immune-inflammatory related disease treatments, on its collaboration with Jounce Therapeutics, Inc. Celgene acquired an option to co-develop and commercialize Jounce’s lead product candidate, JTX-2011, a preclinical agent being developed to treat tumors. The deal also includes the potential for Celgene to exercise options for up to four of Jounce’s early-stage programs that include B cell, T regulatory cell and tumor-associated macrophages. An additional option is included to equally share a checkpoint immuno-oncology program.
In exchange, Jounce, a company centered on discovery and development of cancer immunotherapies and predictive biomarkers, will receive payment of US$225 million upfront and US$36 million in an equity investment in the agreement. Jounce has the potential to receive up to US$2.3 billion in additional milestone payments, making this deal valued at up to US$2.6 billion.
The Dechert team advising Celgene was led by corporate and securities partner David Schulman with assistance from partner Tony Chan and associate Katherine Miller. Assistance on antitrust matters was provided by partner Gorav Jindal and associate Julia Chapman. Tax assistance was provided by partner Josh Milgrim and associate Jay Buchman.
Read the official press release “Jounce Therapeutics Announces Major Strategic Collaboration with Celgene Corporation to Develop Next-generation Immuno-oncology Therapies for Patients with Cancer.”
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