Gilead completes closing of 10-year partnership agreement with Arcus Biosciences
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E-mail Xinhua, July 14, 2020
SAN FRANCISCO, July 14 (Xinhua) -- Gilead Sciences, Inc. and Arcus Biosciences, Inc. announced on Monday the closing of their option and partnership agreement signed on May 27 to co-develop and co-commercialize next-generation cancer immunotherapies.
Under the terms of the agreement, the closing of the transaction triggered a payment of 175 million U.S. dollars by Gilead to Arcus. In addition, Gilead made an equity investment in Arcus of approximately 200 million dollars by purchasing shares at a price of 33.54 dollars per share.
As a result of the investment and Gilead's participation in Arcus's follow-on offering on May 28, Gilead now owns nearly 8.2 million shares of common stock in Arcus, representing approximately 13 percent of Arcus' outstanding shares, according to Gilead.
The closing occurred following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to Gilead's announcement.
The Northern California-based Gilead is well known for its development of Remdesivir, the drug that has been awarded emergency use authorization from the U.S. Food and Drug Administration (FDA) to treat COVID-19. Enditem
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