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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on GILD:
- Gilead announces FDA approved new indication for Biktarvy to treat HIV
- DoorDash upgraded, Wendyâs downgraded: Wall Street’s top analyst calls
- Gilead price target lowered to $90 from $101 at Mizuho
- Truist downgrades Gilead, says new strategy will take time
- Gilead downgraded to Hold from Buy at Truist