Gilead and EVOQ Therapeutics Announce Collaboration to Advance Immunotherapies
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- Published on Tuesday, 03 January 2023 14:48
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– Gilead Receives Rights to Exclusively License EVOQ’s NanoDisc Technology to Develop and Commercialize Immunotherapy Products for Rheumatoid Arthritis and Lupus –
FOSTER CITY, CA & ANN ARBOR, MI, USA I January 03, 2023 I Gilead Sciences, Inc. (Nasdaq: GILD) and EVOQ Therapeutics, Inc. (EVOQ) today announced a collaboration and licensing agreement to advance EVOQ’s proprietary technology for the treatment of rheumatoid arthritis (RA) and lupus. EVOQ’s NanoDisc technology is designed to enable lymph-targeted delivery of disease-specific antigens and has the potential to change the paradigm for the treatment of autoimmune diseases. Under the agreement, Gilead and EVOQ will collaborate on preclinical development. Gilead has the option to exclusively license rights to EVOQ’s NanoDisc technology to pursue product candidates for RA and lupus indications and will be responsible for clinical development and commercialization.
“Despite key advances over the past two decades, there remains significant unmet need for people living with inflammatory and autoimmune diseases,” said Flavius Martin, MD, Executive Vice President, Research at Gilead. “We are excited to collaborate with EVOQ to further expand our autoimmune pipeline with the goal of addressing the needs of people living with these conditions.”
“Gilead has an incredible track record in therapeutic development and of delivering innovative medicines to people around the world. We look forward to working with the Gilead team to advance new treatment options for RA and lupus patients,” said William Brinkerhoff, CEO at EVOQ.
Beginning in the first quarter of 2022, consistent with recent industry communications from the U.S. Securities and Exchange Commission (SEC), Gilead no longer excludes acquired IPR&D expenses from its non-GAAP financial measures. The transaction with EVOQ is expected to have a de minimis financial impact on Gilead’s GAAP and non-GAAP EPS.
Terms of the Agreement
Under the terms of the agreement, EVOQ could potentially receive up to $658.5 million total in upfront, option exercise and milestone payments across all programs, as well as tiered royalties on product sales.
About EVOQ Therapeutics
EVOQ Therapeutics is advancing a pipeline of disease-specific immune modulators to treat patients afflicted with autoimmune diseases. EVOQ's technology platform utilizes a proprietary NanoDisc that has been optimized to deliver antigens to restore immune tolerance. For more information, please visit www.evoqtherapeutics.com
About Gilead Sciences
Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, cancer, and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.
SOURCE: Gilead Sciences