Gilead punts $43.5 million on Xilio asset

28 March 2024

US biotech major Gilead Sciences (Nasdaq: GILD) today announced an exclusive license agreement with Xilio Therapeutics (Nasdaq: XLO) to develop and commercialize Xilio’s Phase I tumor-activated interleukin (IL)-12 program, XTX301.

Xilio, whose shares rocketed more than 150% to $1.60 on the news, is using its proprietary tumor-activation platform to build a pipeline of novel, tumor-activated molecules, including antibodies, cytokines, bispecifics, and cell engagers, which are designed to optimize the therapeutic index and localize anti-tumor activity within the tumor microenvironment. XTX301 is currently being evaluated in a Phase I dose escalation trial in patients with advanced solid tumors.

Gilead is in the midst of a second wave of cancer dealmaking, after a series of transactions from several years ago - including the $21 billion buy of Immunomedics and the $5 billion acquisition of Forty Seven - did not pan go as well as the company expected.

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