Abingworth announces financing agreement with Gilead

Abingworth announced a strategic development financing agreement with Gilead Sciences. The financing agreement will provide up to $210 million in funding to support select clinical studies of Trodelvy, within non-small cell lung cancer. As part of the agreement, Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, and Gilead have entered into a clinical collaboration agreement that establishes a Joint Steering Committee throughout development. Gilead retains full rights to Trodelvy and, if development is successful, Abingworth would receive a fixed payment upon regulatory approval of a pre-defined label expansion, as well as royalty payments based on U.S. Trodelvy net sales within the specific tumor type.