Company Website:
http://www.gilead.com
FOSTER CITY, Calif. & CAMBRIDGE, Mass. -- (Business Wire)
Gilead Sciences, Inc. (Nasdaq: GILD) and Tango Therapeutics, Inc., a
company focused on the discovery and development of novel cancer
therapies, today announced a global strategic collaboration to discover,
develop and commercialize a pipeline of innovative targeted
immuno-oncology treatments for patients with cancer.
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Under the multi-year collaboration, Tango will perform target discovery
and validation and Gilead will have options to worldwide rights on up to
five targets emerging from Tango’s proprietary functional genomics-based
discovery platform. For two programs directed to these targets, Tango
will retain the option to co-develop and co-detail in the U.S. The
collaboration does not include Tango’s lead programs, for which Tango
will retain all rights.
“Tango has built a unique discovery platform that we hope will help
create the next generation of cancer therapies,” said John McHutchison,
AO, MD, Gilead’s Chief Scientific Officer and Head of R&D. “Our
collaboration will combine Tango’s innovative discovery technology
alongside Gilead’s drug discovery and development capabilities to build
a pipeline of novel immuno-oncology therapies.”
“Gilead is the ideal partner to help us bring potentially transformative
treatments to patients with cancer,” said Barbara Weber, MD, Tango’s
President and Chief Executive Officer. “This partnership has significant
strategic value for us. With Gilead as our partner, we can maximize the
applications of our platform in immuno-oncology, while continuing to
independently advance our lead programs into the clinic and beyond.”
Under the terms of the agreement, Tango will receive an upfront payment
of $50 million. Tango will also be eligible to receive approximately
$1.7 billion in total additional payments across all programs in the
form of pre-clinical fees and development, regulatory and commercial
milestone payments; and up to low double-digit tiered royalties on net
sales. For those programs that Tango opts in to co-develop and
co-detail, the parties will split profits and losses 50/50 for the U.S.,
development costs will be shared in a manner that is commensurate with
product rights, and Tango will be eligible to receive milestone payments
and royalties on ex-U.S. sales.
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.
About Tango Therapeutics
Tango Therapeutics is a biotechnology company dedicated to discovering
novel drug targets and delivering the next generation of targeted
therapies to people with cancer. Using an approach that starts and ends
with patients, Tango leverages the genetic principle of synthetic
lethality to discover and develop therapies that take aim at driver
genes in cancer for patients with limited treatment options. The company
is focused on three core areas: counteracting tumor suppressor gene
loss, reversing the ability of cancer cells to evade the immune system
and identifying novel combinations that will be more effective than
single agent therapy. Tango was launched in 2017 with a $55 million
Series A investment funded by Third Rock Ventures and was a 2017 “Fierce
15” company. For more information, please visit www.tangotx.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 risk
that the parties may not realize the potential 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 June 30, 2018, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181031005225/en/
Contacts:
Gilead Sciences, Inc.
Investors
Sung Lee, 650-524-7792
or
Media
Shant
Salakian, 424-384-1841
or
Tango
Media
Stephanie
Simon, 617- 581-9333
stephanie@tenbridgecommunications.com
Source: Gilead Sciences, Inc.
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