August 20, 2020

Impact: Moderate

  • Gilead and Tango will expand a 2018 agreement into a multi-year discovery, development, and commercialization collaboration of novel immune evasion therapies in oncology.
  • The deal structure includes:
    • $125M up-front payments and a $20M equity investment.
    • Opt-in rights to up to 15 targets up to $410M per program in total payments from Gilead to Tango.
    • Gilead will have worldwide rights for programs over the next seven years, with the option to pay extension fees for Tango to lead activities through early clinical development.
    • In return, Tango will receive low double-digit royalties on net sales, milestone payments and royalties on ex-U.S. sales, and have the option to co-develop and co-promote lead products for up to five programs in the U.S.
  • The agreement will give Gilead access to Tango’s CRISPR-based functional genomics target discovery platform to explore investigational immune evasion targets in oncology.

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August 6, 2020

Impact: High

Biogen and Denali Therapeutics announced an agreement to co-develop and co-commercialize Denali’s small molecule LRRK2 franchise for PD. Biogen receives the rights to opt into two programs, and rights of first negotiation for two other programs – both related to Denali’s blood-brain barrier technology, Transport Vehicle. Under terms of the agreement, Biogen will make an upfront payment of $560M, with a $465M equity investment in Denali (through stock purchase of 11.2% outstanding stock). Denali is eligible to receive up to $1.125B in potential milestones. Read more