Gilead Sciences, Inc. (Nasdaq: GILD) will acquire a 49.9 % equity interest in Pionyr Immunotherapeutics Inc., a South San Francisco, CA-based company developing first-in-class cancer immunotherapies, for $275m.
Gilead also acquired an exclusive option to purchase the remainder of Pionyr. Under the agreement, Pionyr’s shareholders may receive up to an additional $1.47 billion in option exercise fees and future milestone payments.
The transaction is subject to customary closing conditions and is expected to close shortly.
Led by Steven P. James, President and Chief Executive Officer, Pionyr has developed Myeloid Tuning™ therapies which have the potential to treat patients who currently do not benefit from checkpoint inhibitor therapies. PY314 and PY159 have demonstrated preclinical efficacy, suggesting potential in solid tumors in combination with established anti-PD(L)-1 agents. The company plans to file investigational new drug (IND) applications with the U.S. Food and Drug Administration for both PY314 and PY159 in the third quarter of this year.
Pionyr has raised $78m from venture investors including New Enterprise Associates, OrbiMed, SV Health Investors, Sofinnova Ventures, Vida Ventures, Osage University Partners, Mission Bay Ventures, and Trinitas Ventures.
Led by Daniel O’Day, Chairman and Chief Executive Officer, Gilead Sciences is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines in areas of unmet medical need. It is based in Foster City, California.