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Fly News Breaks for May 1, 2015
GILD
May 1, 2015 | 06:21 EDT
Piper Jaffray says Gilead remains one of its top large-cap biotech picks following the company's better than expected Q1 results. It raised its price target for shares to $120 from $116 and keeps an Overweight rating on the name.
News For GILD From the Last 2 Days
GILD
Mar 28, 2024 | 07:10 EDT
Gilead Sciences (GILD) and Xilio Therapeutics(XLO) announced an exclusive license agreement to develop and commercialize Xilio's Phase 1 tumor-activated IL-12 program, XTX301. Xilio Therapeutics is a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies. The company is using its proprietary tumor-activation platform to build a pipeline of novel, tumor-activated molecules, including antibodies, cytokines, bispecifics, and cell engagers, which are designed to optimize the therapeutic index and localize anti-tumor activity within the tumor microenvironment. XTX301 is currently being evaluated in a Phase 1 dose escalation trial in patients with advanced solid tumors. Under the terms of the agreement, Xilio granted Gilead an exclusive global license to develop and commercialize XTX301, Xilio's tumor-activated IL-12. Xilio will receive $43.5M in upfront payments, including a cash payment of $30M and an initial equity investment by Gilead of $13.5M in Xilio common stock at a premium. Xilio will be eligible to receive up to $604 M in additional contingent payments, including additional equity investments by Gilead, a transition fee and specified development, regulatory and sales-based milestones. Xilio will also be eligible to receive tiered royalties ranging from high single digits to mid-teens on annual global net product sales. Xilio will be responsible for conducting clinical development of XTX301 in the ongoing Phase 1 clinical trial through dose expansion. Following the delivery by Xilio of a specified clinical data package for XTX301, Gilead can elect to transition responsibilities for the development and commercialization of XTX301 to Gilead, subject to the terms of the agreement and payment by Gilead of a $75M transition fee. Prior to the potential transition fee, Xilio is eligible to receive up to a total of $29M in additional equity investments and a development milestone payment. Gilead does not exclude acquired IPR&D expenses from its non-GAAP financial measures. This transaction is expected to reduce Gilead's GAAP and non-GAAP 2024 EPS by approximately 3c - 4c.