Gilead Sciences Bets $275 Million on an Oncology Start-Up
Gilead Sciences (NASDAQ: GILD) expanded its cancer immunotherapy footprint on Tuesday with a large investment into a privately held biotechnology company called Pionyr Immunotherapeutics. Gilead spent $275 million up front for a 49.9% equity stake and an exclusive option to acquire the rest of the company if potential new cancer immunotherapies in pre-clinical stage development succeed in clinical trials.
Pionyr has two antibodies in pre-clinical stage development designed to boost the immune system's response to tumors. PY314 targets TREM2, a protein commonly found on the surface of myeloid cells that suppress anti-tumor activity. PY159 targets TREM1, another protein found on a wider variety of immune cells that suppress the immune system from battling cancer.
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Source Fool.com
