Acquisition is based on the prospects for Immunomedics’ Trodelvy, but regulatory changes, manufacturing challenges, and research dynamics could upset even the best-laid plans.

The company paid twice Immunomedics’ last closing stock price to access Trodelvy, approved for triple-negative breast cancer with potential in other solid tumors as monotherapy and in combinations.

Deal snapshot: Gilead’s latest significant cancer deal brings it a CCR8 binder, a novel preclinical immunotherapy, while Jounce finds a new deep-pocketed partner after the termination of its collaboration with Celgene.

Pharma pays $100m up front and makes $20m equity investment for rights to three preclinical cancer programs. Plus more than 20 deal summaries, including COVID-19-related transactions.