What happened 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. So what 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. The deal could be worth more than $2 billion to iTeos. Under the terms of the agreement, the biotech would receive an upfront payment of $625 million. It could also receive milestone payments of as much as $1.45 billion, if certain conditions are met. Better still, GlaxoSmithKline and iTeos will equally share EOS-448's potential profits in the U.S., and iTeos will receive royalty payments for sales in international markets. Now what The partnership with GlaxoSmithKline will bolster iTeos' research and distribution capabilities, as well as its cash reserves. "This collaboration allows us to accelerate and expand the clinical development of EOS-448," iTeos CEO Michel Detheux said in a press release. "We are more confident than ever in our ability to succeed." 10 stocks we like better than iTeos Therapeutics, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and iTeos Therapeutics, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends GlaxoSmithKline. The Motley Fool has a disclosure policy.Source