NeoImmuneTech has licensed exclusive development and commercialization rights for its lead immunotherapy candidate NT-I7 to U.S.-based Tolerance Bio for thymic dysfunction-related indications, including immune reconstitution in people living with human immunodeficiency virus (HIV), across the Americas and Europe. The agreement provides NeoImmuneTech with a 4% equity stake in Tolerance Bio on a fully diluted basis instead of a cash upfront payment, milestone payments of up to $260 million, or approximately 366.9 billion won, and tiered royalties on annual net sales after commercialization. The deal, disclosed on Aug. 19, is NeoImmuneTech's first out-licensing agreement since its KOSDAQ debut in 2021. Shares rose 29.84% to 2,850 won by 9:17 a.m. in Seoul on Aug. 21 after gaining 29.88% to 2,195 won in the previous session, extending the stock's rally to two consecutive upper-limit sessions and effectively doubling the company's market value. NT-I7 is a long-acting interleukin-7 (IL-7) T-cell amplifier built on NeoImmuneTech's proprietary Heterodimer Fc platform. The partnership allows Tolerance Bio to fund and advance development in the licensed territories while NeoImmuneTech continues concentrating on core immuno-oncology programs and gains potential exposure to Tolerance Bio's future valuation.