Quite right Value+. For example t/o deal this week:-
Gilead CEO Daniel O’Day has nabbed another immuno-oncology partner in his quest to remake the biotech’s cancer division, inking an up-to $1.5 billion deal with a company founded five years ago by one the field’s early architects. Gilead will pay South San Francisco-based Pionyr $275 million for 49.9% ownership in the company, which is focused on targeting the innate immune cells that help tumors hide. Gilead has an option to acquire the rest of the company for another $315 million. Beyond that, there’s nearly $1 billion in development and regulatory milestones. Pionyr is earlier than the rest of Gilead’s big-name partnerships to-date. Their two lead drugs have yet to enter the clinic. Gilead will only have Phase Ib data to work off of when they decide whether to exercise their option. Still, both candidates are slated for IND filings later this year. Its a foundational opportunity to improve the footprint og immunotherapy in general and to take checkpoints (PD-1/CTLA) further.
IMU Price at posting:
3.2¢ Sentiment: None Disclosure: Held
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