Gilead Taking Stake in Assembly Bio Under Antiviral Collaboration
17 Outubro 2023 - 8:51AM
Dow Jones News
By Colin Kellaher
Gilead Sciences is taking a significant stake in smaller
biotechnology peer Assembly Biosciences as part of a 12-year
partnership aimed at advancing the research and development of
novel antiviral therapies.
Gilead and Assembly on Tuesday said the work will initially
focus on Assembly's established areas of herpesviruses, hepatitis B
virus and hepatitis D virus.
As part of the agreement, Assembly will receive an upfront
payment of $100 million, including a $15 million investment by
Gilead, which is buying nearly 13.1 million shares at $1.16 apiece,
a roughly 60% premium to Monday's closing price of 72.6 cents for
the South San Francisco, Calif., company.
The companies said Gilead's initial investment represents 19.9%
of Assembly's voting stock, adding that Gilead has agreed to buy up
to 29.9% of the South San Francisco, Calif., company's voting
stock, subject to certain conditions.
The companies said Gilead, based in Foster City, Calif., can
opt-in to obtain exclusive rights for each of Assembly's current
and future programs upon payment of an opt-in fee of at least $45
million per program, with Assembly eligible to receive up to $330
million per program in potential regulatory and commercial
milestones, along with royalties on sales.
Trading in shares of Assembly was halted premarket on
Tuesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 17, 2023 07:36 ET (11:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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