Nurix Therapeutics Says Gilead Sciences Extends Ongoing Strategic Collaboration By Addl. Two Years
(RTTNews) - Biopharmaceutical company Nurix Therapeutics, Inc. (NRIX) announced Tuesday that Gilead Sciences, Inc. (GILD) has elected to extend the research term of the companies' ongoing collaboration, originally established in 2019, by an additional two years.
Under the collaboration agreement, Nurix is deploying its proprietary drug discovery platform to identify novel agents that use E3 ligases to induce degradation of specified drug targets.
Gilead has an option to license drug candidates resulting from the work, and Nurix retains co-development and co-detail options on up to two programs in the United States, subject to certain restrictions.
For those programs that Nurix opts in to co-develop and co-detail, the parties will split development costs as well as profits and losses 50/50 for the United States, and Nurix will be eligible to receive royalties on ex-U.S. sales and reduced milestone payments.
In connection with the extension, Nurix will receive a $15.0 million extension fee and remains eligible for up to $73.5 million in preclinical milestones and potential future licensing payments and up to a total of $1.7 billion in potential future development, regulatory, and sales milestones as well as royalties on future products.
Upon signing the agreement in 2019, Gilead made an upfront payment of $45.0 million. Through Nurix's fiscal year-end of November 30, 2023, Nurix has received an additional $70.0 million.
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