Daniel O’Day snatch­es an­oth­er I/O com­pa­ny, buy­ing half of a pi­o­neer­ing can­cer drug dis­cov­er­er's biotech

Gilead CEO Daniel O’Day has nabbed an­oth­er im­muno-on­col­o­gy part­ner in his quest to re­make the biotech’s can­cer di­vi­sion, ink­ing an up-to $1.5 bil­lion deal with a com­pa­ny found­ed five years ago by one the field’s ear­ly ar­chi­tects.

Gilead will pay South San Fran­cis­co-based Pi­o­nyr $275 mil­lion for 49.9% own­er­ship in the com­pa­ny, which is fo­cused on tar­get­ing the in­nate im­mune cells that help tu­mors hide. Gilead has an op­tion to ac­quire the rest of the com­pa­ny for an­oth­er $315 mil­lion. Be­yond that, there’s near­ly $1 bil­lion in de­vel­op­ment and reg­u­la­to­ry mile­stones.

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