Strategic agreement in the health sector. Gilead Sciences has announced an agreement with Compugen, a cancer immunotherapy company, to acquire a license of the drug COM503 for immunotherapy programs, for which it may pay up to €774 million, depending on the objectives achieved .
The American company will pay Compugen sixty million dollars (54 million euros) up front and thirty million dollars more when the start of clinical trials of COM503 is approved in a payment that is expected in 2024.
Additionally, if the development, approval and commercialization of COM503 is successful, Gilead will pay the Israeli company up to an additional $758 million based on milestones achieved. The total value of the agreement is $848 million.
Compugen will also receive a portion of the profits generated from the sale of COM503 worldwide. This part will be a low percentage, between 1% and 19%, which will increase depending on sales.
Read more about the agreement between Gilead and Compugen and find the latest financial news of the day with the Born2Invest mobile app.
Gilead invoiced $6.4 billion in the first quarter of 2023, recording a year-on-year decrease of 4%
This alliance focuses on said patent for the preparation of a preclinical antibody program against the IL-18 binding protein. Under the terms of the agreement, Compugen will be responsible for the development and future Phase 1 study of COM503. From then on, Gilead will have the exclusive right to do the same with the same drug , which acts as an antibody that inhibits cancer growth.
The American biotechnology company already made a similar move this summer with the alliance of Gilead and Tentarix for the creation of new oncological therapies . The American company will enter into three multi-year collaboration agreements focused on the Tenacles platform, from Tentarix, to discover and develop therapies for oncology and inflammatory diseases.
Gilead Sciences had a turnover of $6.4 billion in the first quarter of 2023, a year-on-year decrease of 4% compared to the same period of the previous year . The company attributed the decline to declining sales of remdesivir, marketed under the name Veklury, which is a solution for the treatment of Covid-19.
Founded in 1987, Gilead is an American company specialized in the research and commercialization of drugs. It is headquartered in Foster City, California, and operates throughout North America, Europe and Australia.
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