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Fly News Breaks for July 26, 2016
GILD
Jul 26, 2016 | 07:50 EDT
As previously reported, Needham analyst Alan Carr downgraded Gilead to Hold from Buy after the company reported Q2 results. Carr noted that the company lowered its 2016 revenue guidance, citing challenges in HCV, a trend he expects to continue. While the analyst sees the company retaining "generally dominant" share in Hepatitis C and regaining momentum with the launch of TAF/FTC/BIC in HIV, he says overall revenue growth remains a concern.
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.