Gilead in­vests an­oth­er $320M in Ar­cus as part­ners re­hash their TIG­IT pact

Gilead is fur­ther bet­ting on its part­ner Ar­cus Bio­sciences by in­fus­ing the Cal­i­for­nia biotech with $320 mil­lion, but the duo is al­so ad­just­ing their pact to leave out a Phase III.

The eq­ui­ty in­vest­ment comes at $21 per share $RCUS, a 37% pre­mi­um to Mon­day’s clos­ing price, and it ups Gilead’s stake to 33%, al­most reach­ing the 35% thresh­old baked in­to the part­ner’s 10-year agree­ment inked in 2020. Ar­cus’ shares were up about 7% be­fore Tues­day’s open­ing bell.

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