(RTTNews) - Gilead Sciences, Inc. (GILD) said the company will invest $300 million to acquire a 49.9 percent equity interest in Tizona Therapeutics, Inc., a privately held company developing cancer immunotherapies. The U.S. FDA has approved Tizona's Investigational New Drug application for TTX-080. Tizona plans to begin a Phase 1 clinical trial evaluating TTX-080 both as a monotherapy and in combination with other agents in patients with advanced cancers.
Gilead will have an exclusive option to purchase the remaining equity of Tizona exercisable following the completion of Phase 1b studies for TTX-080, or earlier if Gilead chooses. Tizona equity holders will be eligible to receive up to $1.25 billion in an option exercise fee and potential future milestone payments.
Tizona will spin off TTX-030, the company's investigational anti-CD39 antibody partnered with AbbVie, into a separate entity prior to closing of the deal.
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