- The stock price of Arcus Biosciences Inc (NYSE: RCUS) increased by 8.03% today. This is why it happened.
The stock price of Arcus Biosciences Inc (NYSE: RCUS) – an oncology-focused biopharmaceutical company working to create best-in-class cancer therapies – increased by 8.03% today, going from a previous close of $29.63 to $32.01. Investors were responding positively to the company announcing that Bill Grossman M.D., Ph.D., will transition out of his role as chief medical officer at Arcus Biosciences and into a role at Gilead Sciences as senior vice president of oncology clinical research to oversee Gilead’s clinical-stage oncology portfolio.
This includes leading Gilead’s efforts in the company’s alliance with Arcus to co-develop and co-commercialize Arcus’s portfolio of investigational cancer medicines. And Kartik Krishnan, M.D., Ph.D., senior vice president, clinical development at Arcus, will assume full leadership of the Arcus clinical development program and continue to work closely with Grossman at Gilead. The transition is going to be effective July 26, 2021.
In his new role, Grossman is going to be Arcus’s point of contact at Gilead for development activities across the Arcus programs. And this move reinforces both companies’ commitment to working together to advance important new medicines for people with cancer.
Arcus said it is thrilled to welcome Krishnan to its executive team and they thank Grossman for his “outstanding work in building a world-class development organization that has executed extraordinarily well on Arcus’s combinatorial development strategy and placed the company in strong position to fully leverage the opportunities inherent in its five clinical-stage molecules.”
Krishnan had joined Arcus in 2019 as VP of clinical development and has been responsible for contributing to much of the strategy, design, and execution associated with Arcus’s broad array of clinical trials and has assumed increasing responsibilities since December of last year when Grossman began consulting for Gilead while concurrently acting as CMO at Arcus.
And in recognition of these increasing responsibilities and corresponding accomplishments, Krishnan was recently promoted to his current position. In the expanded role, he will assume additional leadership responsibilities, both strategic and operational, and will liaise with his long-time colleague Grossman to ensure seamless interactions across the two companies.
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