Surface Oncology down despite lucrative deal with GSK

18 December 2020

UK pharma major GlaxoSmithKline (LSE: GSK) has entered into a license agreement to gain exclusive worldwide development and commercial rights to Surface Oncology’s (Nasdaq: SURF) pre-clinical program SRF813, a fully human IgG1 antibody targeting PVRIG (also known as CD112R), an inhibitory protein expressed on natural killer cells (NK cells) and T cells.

Under the terms of the agreement, GSK will make an $85 million upfront payment. In addition, Surface Oncology may receive up to an additional $730 million in future milestone payments, as well as be eligible to receive tiered royalties on global net sales, and will gain rights to another cancer target.

GSK takeover previously rumored

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