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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