In the latest in a stream of immuno-oncology alliances, Celgene has partnered with start-up Jounce Therapeutics in a deal potentially worth up to US$2.56 B, including an upfront payment of US$225 M. The agreement grants Celgene options on JTX-2011, a preclinical-stage monoclonal antibody targeting inducible T-cell co-stimulator (ICOS), an immune checkpoint programme and up to four undisclosed early-stage immuno-oncology programmes. The deal is a significant validation of 3-year-old Jounce and highlights Celgene’s desire to be at the forefront of the second wave of immuno-oncology therapeutics.