Gilead, Vir Biotechnology Sign USD 1.88 Billion Deal to Develop Cancer Treatments
Bengaluru: Vir Biotechnology said on Wednesday it had signed a collaboration agreement worth up to USD 1.88 billion with Gilead Sciences to discover and develop new cancer treatments for solid tumors.
Shares of Vir rose more than 10% in premarket trading following the announcement.
Under the agreement, Vir will receive $90 million upfront and be eligible to receive up to $45 million in near-term preclinical milestones and up to $1.74 billion in future development, regulatory and commercial payments, the company said
It will also be eligible for tiered royalties on net sales ranging from high single digits to low double digits
The partnership aims to engineer three novel dual-masked T-cell engager candidates to direct the immune system to destroy cancer cells in solid tumors
Vir will use its PRO-XTEN masking technology and proprietary dAIsY AI platform to design the drug candidates
The company will be responsible for the early research and design of the experimental drugs, while Gilead will hold the exclusive rights to advance them through clinical testing, manufacturing and commercialization
