Gilead To Buy 49.9% Stake In Latham-Led Drug Co. For $275M
Law360 (June 23, 2020, 9:34 PM EDT) — Biopharmaceutical giant Gilead said Tuesday that it has agreed to purchase a 49.9% stake in a Latham & Watkins-advised cancer treatment company for $275 million, with the option to buy the remaining stake later.
Gilead Sciences Inc. said it has the exclusive opportunity to purchase the rest of South San Francisco-based Pionyr Immunotherapeutics Inc. for an additional $315 million and up to $1.15 billion in payments after the company hits certain milestones. Gilead can also nominate someone to Pionyr’s board.
In a statement, Gilead Chairman and CEO Daniel O’Day lauded Pionyr’s “promising” work in the cancer treatment, or immuno-oncology, sphere….