Oppenheimer notes that Nurix (NRIX) announced that Gilead (GILD) has exercised its option to exclusively license GS-6791, a targeted degrader of IRAK4, from Nurix. While not expecting the associated $20M option exercise payment from Gilead to materially impact Nurix’s operational runway, the firm sees Gilead’s decision as an important external validation of the latter’s DELigase discovery platform-and puts ‘6791 on a path to potentially compete against other IRAK4 degraders. With a second partnered program approaching drug candidate nomination, Oppenheimer thinks Nurix could potentially receive a second option exercise payment within the next 12 months, and expects to see updates from the company’s wholly-owned clinical-stage programs later this year. The firm reiterate an Outperform rating on Nurix shares.
Published first on TheFly
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