Gilead will not buy immunotherapy biotech Tizona Therapeutics, backing out of an option that the company paid $300 million for in 2020.
Gilead and Pionyr Immunotherapeutics, a biotech trying to follow up on the first generation of checkpoint inhibitors, have “mutually agreed” on a rewrite to their 2020 terms, with Gilead deciding not to buy out the company.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Tizona Therapeutics, Inc., a privately held, clinical-stage company developing first-in-class cancer immunotherapies, announced today that its lead investigational therapy, TTX-080, a novel antibody targeting HLA-G, has advanced to Phase 1b. This phase includes expansion tumor arms to evaluate the safety and efficacy of TTX-080 as monotherapy and combination regimens in patients with advanced malignancies.
Lightstone Ventures, a bi-coastal venture capital firm focused on the life sciences, said Tuesday it has raised another $375 million to invest in early-stage companies.
“Christine has played a significant role in building Tizona, including establishing an inclusive culture, during her tenure with the company,” said Dan Spiegelman, member of Tizona’s Board of Directors. “As CEO, the company will continue to benefit from her significant leadership and operational experience as well as a strong track record of managing partnerships and advancing novel programs like TTX-080, the first anti-HLA-G antibody, into the clinic.”
FOSTER CITY, Calif. & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) today announced that it will invest $300 million to acquire a 49.9 percent equity interest in Tizona Therapeutics, Inc., a privately held company developing first-in-class cancer immunotherapies. Gilead will also receive an exclusive option to acquire the remainder of Tizona for up to an additional $1.25 billion, including an option exercise fee and potential future milestone payments.