Why iTeos Therapeutics Stock Soared Today

Shares of iTeos Therapeutics (NASDAQ: ITOS) surged 37% on Monday after it reached an agreement with GlaxoSmithKline (NYSE: GSK) to co-develop an experimental cancer treatment known as EOS-448. 

EOS-448 is a monoclonal antibody treatment for patients with cancer. It's currently being evaluated in a phase 1 study in patients with advanced solid tumors. GlaxoSmithKline also intends to begin new combination studies of EOS-448 with some of its other immuno-oncology therapies next year.

iTeos Therapeutics and GlaxoSmithKline struck a major new development deal. Image source: Getty Images.

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Source Fool.com