Gilead Sciences (NASDAQ:GILD) has acquired a 49.9% interest in privately held South San Francisco, CA-based Pionyr Immunotherapeutics, a developer of biologics to treat cancer based on its Myeloid Tuning technology that, it says, alters the tumor microenvironment to favor immune-activating cells over immune-suppressing cells.
Under the terms of the agreement, GILD will pay
$275M at closing. It will have an exclusive option to acquire the
remaining 50.1% of Pionyr in exchange for a $315M option exercise fee
and up to $1.5B in milestones. It will provide additional funding for
its PY314 and PY159 programs as well as ongoing R&D efforts.
Pionyr expects to file INDs in the U.S. for the two programs next quarter.
https://seekingalpha.com/news/3585338-gilead-nabs-stake-in-cancer-therapy-developer-pionyr-immunotherapeutics
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