Gilead Sciences & Arcus Biosciences Complete Closing of Their 10-Year Partnership to Co-Develop & Co-Commercialize Next-Gener...
July 13 2020 - 4:05PM
Business Wire
Gilead Sciences, Inc. (Nasdaq: GILD) and Arcus Biosciences, Inc.
(NYSE: RCUS), an oncology-focused biopharmaceutical company working
to create best-in-class cancer therapeutics, announced today the
closing of their option and co-development and co-commercialization
partnership agreement signed on May 27, 2020.
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the full release here:
https://www.businesswire.com/news/home/20200713005627/en/
The closing occurred following the expiration of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976.
Under the terms of the agreements, the closing of this
transaction triggered a payment of $175 million by Gilead to Arcus.
In addition, Gilead made an equity investment in Arcus of
approximately $200 million by purchasing shares at a price of
$33.54 per share. As a result of this investment and Gilead’s
participation in Arcus’s follow-on offering on May 28, 2020, Gilead
now owns nearly 8.2 million shares of common stock of Arcus,
representing approximately 13 percent of Arcus’s outstanding
shares.
About Arcus Biosciences
Arcus Biosciences is an oncology-focused biopharmaceutical
company leveraging its deep cross-disciplinary expertise to
discover highly differentiated therapies and to develop a broad
portfolio of novel combinations addressing significant unmet needs.
Arcus currently has four molecules in clinical development. AB928,
the first and only dual A2a/A2b adenosine receptor antagonist in
the clinic, is being evaluated in multiple Phase 1b/2 studies
across different indications, including prostate, colorectal,
non-small cell lung, pancreatic, triple-negative breast and renal
cell cancers. AB680, the first small-molecule CD73 inhibitor in the
clinic, is in Phase 1 development for first-line treatment of
metastatic pancreatic cancer in combination with zimberelimab and
gemcitabine/nab-paclitaxel. AB154, an anti-TIGIT monoclonal
antibody and new potential immuno-oncology backbone therapy, is in
a three-arm randomized Phase 2 study for first-line treatment of
PD-L1-high metastatic non-small cell lung cancer evaluating
zimberelimab monotherapy, AB154 with zimberelimab and AB154 plus
AB928 with zimberelimab. Zimberelimab (AB122), Arcus’s anti-PD-1
monoclonal antibody, is also being evaluated in a Phase 1b study as
monotherapy for cancers with no approved anti-PD-1 treatment
options, and in various combinations across the portfolio. For more
information about Arcus Biosciences, please visit
www.arcusbio.com.
About Gilead Sciences
Gilead Sciences, Inc. is a research-based biopharmaceutical
company that discovers, develops and commercializes innovative
medicines in areas of unmet medical need. The company strives to
transform and simplify care for people with life-threatening
illnesses around the world. Gilead has operations in more than 35
countries worldwide, with headquarters in Foster City, California.
For more information on Gilead Sciences, please visit the company’s
website at www.gilead.com.
Gilead Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks, uncertainties and other factors,
including the ability of the parties to meet potential milestones
in the estimated timelines or at all and the risk that the parties
may not realize the expected benefits of this collaboration. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. These risks,
uncertainties and other factors could cause actual results to
differ materially from those referred to in the forward-looking
statements. The reader is cautioned not to rely on these
forward-looking statements. These and other risks are described in
detail in Gilead’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2020, as filed with the U.S. Securities and
Exchange Commission. All forward-looking statements are based on
information currently available to Gilead, and Gilead assumes no
obligation to update any such forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200713005627/en/
Gilead Contacts: Douglas Maffei, PhD, Investors (650)
522-2739
Marni Kottle, Media (650) 522-5388
Arcus Contact: Katherine Bock (510) 694-6231
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