Gilead Exercises First License Option Under Agreement With Nurix Therapeutics - Nurix Therapeutics (NASDAQ:NRIX), Gilead Sciences (NASDAQ:GILD)

Gilead Sciences Inc GILD has exercised its option to license Nurix Therapeutics Inc's NRIX investigational targeted protein degrader molecule NX-0479 exclusively.
This bivalent degrader, GS-6791, is the first development candidate from the previously announced Nurix-Gilead collaboration.
GS-6791 is a potent, selective, oral IRAK4 degrader with potential applications in rheumatoid arthritis (RA) and other inflammatory diseases.
Under the terms of the Collaboration, Nurix will receive an option exercise payment of $20 million and potentially up to an additional $425 million in milestone payments, as well as up to low double-digit tiered royalties on product net sales.
In June 2019, Gilead and Nurix entered a global strategic collaboration to discover, develop and commercialize a pipeline of up to five innovative targeted protein degradation therapies for patients with cancer and other challenging diseases.
Under the terms of the agreement, Nurix received an upfront payment of $45 million and is eligible to receive up to approximately $2.3 billion in total additional milestone payments.
Nurix will retain the option to co-develop and co-detail up to two programs in the U.S.
For those programs, Nurix opts in to co-develop and co-detail, the parties will split development costs, profits, and losses 50/50 for the United States. Nurix will be eligible to receive royalties on ex-U.S. sales and reduced milestone payments.
Gilead has the right to veto up to one co-development option, which will revert back to Nurix for use on potential future licensed products.
Price Action: GILD shares are up 2.35% at $79.13 on the last check Monday.

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