Gilead 'Tangoes' into nearly $2 billion I-O cancer deal
USA-based cancer therapy discoverer Tango Therapeutics has entered into a global strategic collaboration to discover, develop and commercialize a pipeline of innovative targeted immuno-oncology treatments for patients with cancer which could earn the venture capital-backed firm $1.75 billion.
Under the multi-year collaboration, Tango will perform target discovery and validation and Gilead Sciences (Nasdaq: GILD) will have options to worldwide rights on up to five targets emerging from Tango's proprietary functional genomics-based discovery platform. For two programs directed to these targets, Tango will retain the option to co-develop and co-detail in the USA. The collaboration does not include Tango's lead programs, for which Tango will retain all rights.
Gilead’s shares were down 5.21% at $68.29 as mid-day approached in New York, indicating that investors were not overwhelmed by the news.
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