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Gilead Sciences is making a $30 million milestone payment to Compugen, following FDA clearance for an investigational new drug application for COM503. This development enhances Gilead's oncology portfolio with a potential first-in-class anti-IL-18 binding protein antibody.

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Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.

Monday, July 29

IBB [+0.3%]
The iShares Biotechnology ETF (IBB) has seen a price increase of 0.3% since Friday's market close. Key contributors to this performance include AMGN, VRTX, GILD, MRNA, and ILMN, all of which posted positive returns. Notably, Gilead Sciences is making a $30 million milestone payment to Compugen, following FDA clearance for an investigational new drug application for COM503. This development enhances Gilead's oncology portfolio with a potential first-in-class anti-IL-18 binding protein antibody and paves the way for Compugen to initiate a Phase 1 trial in solid tumors expected to commence in Q4. Additionally, the Russell 2000 Index has increased by 0.89%, reflecting a strong historical correlation with IBB.

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