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Investing.com -- Shares of iTeos Therapeutics Inc (NASDAQ:ITOS) soared 21% after the company announced its Board of Directors’ intention to cease operations and focus on asset sales. The clinical-stage biopharmaceutical company, known for pioneering immuno-oncology therapeutics, is now exploring the potential sale of key assets including EOS-984, EOS-215, and a preclinical obesity program targeting ENT1.
The decision to wind down operations was made following a comprehensive review of iTeos Therapeutics’ development pipeline, business prospects, and financial position. The company, headquartered in Watertown, Massachusetts, and Gosselies, Belgium, is aiming to leverage its cash balance to deliver near-term value to shareholders. This includes any proceeds from the potential sale of its intellectual property and assets.
The news came as a surprise to investors and sparked a significant rally in the company’s stock during the trading session. The move to cease operations and focus on asset sales is seen as a strategic effort to maximize shareholder value in light of the company’s current situation.
Despite the uptick in share price, the company’s future remains uncertain as it transitions away from clinical and operational activities. Investors will be closely monitoring the progress of the asset sales and the management’s ability to deliver on their promise of near-term value.
As iTeos Therapeutics moves forward with its plans, the biopharmaceutical industry will be watching to see how the company’s assets, particularly its intellectual property, fare in the market and who the potential buyers might be.
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