** Kura Oncology's shares slide 17% to $13.20 premarket

** Co said on Wednesday it will collaborate with Japan's Kyowa Kirin to develop and commercialize blood cancer therapy drug ziftomenib

** Kura will lead the development of the drug, being evaluated for treating acute myeloid leukemia, a blood and bone marrow cancer

** Cos will jointly undertake commercialization and will equally share potential profits and losses, Kura said

** Kura to get upfront payment of $330 mln and up to $1.2 bln in total milestone payments as part of deal

** At least 4 brokerages cut PT

** Jefferies cuts PT to $28 from $32

** Views deal as strategically favorable for KURA

** "While the stock M&A premium will decrease in the near-term, the fundamental value is higher," brokerage says

** Avg rating of 15 brokerages is "buy"; median PT is $32 - LSEG data

** As of last close, stock up 10.6% YTD

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))