Why Arcus Biosciences Stock Is On Fire Today

Shares of Arcus Biosciences (NYSE: RCUS) jumped by as much as 21% in premarket trading Thursday morning. The biotech's stock is heating up in early morning action today on the news that Gilead Sciences (NASDAQ: GILD) has decided to exercise its options for Arcus' two anti-TIGIT molecules, domvanalimab and AB308, as well as for the adenosine receptor antagonist etrumadenant and the small molecule CD73 inhibitor quemliclustat.

Arcus will pocket a healthy $725 million as a result of this option exercise on the part of Gilead. Additionally, the two companies announced that they will co-develop and share the global costs associated with these oncology programs. 

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Source Fool.com