Gilead Sciences in $1.5-Bn Deal with Tizona Therapeutics
Gilead Sciences has agreed to acquire a 49.9% equity interest in Tizona Therapeutics, a South San Francisco, California-based company developing cancer immunotherapies, for $300 million and has 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.
Gilead can exercise its option to acquire the remainder of Tizona following the readout of a Phase Ib study of Tizona’s investigational antibody, TTX-080, or earlier if Gilead decides to do so. TTX-080 is an investigational drug that targets the human leukocyte antigen-G (HLA-G), an immune checkpoint expressed across multiple tumor types. Gilead will also provide funding to support Tizona’s ongoing research and development to advance the company’s pipeline.
The US Food and Drug Administration has cleared Tizona’s investigational new drug application for TTX-080, and in the third quarter of this year (2020), Tizona plans to initiate a Phase I clinical trial evaluating TTX-080 both as a monotherapy and in combination with other agents in patients with advanced cancers.
The transaction is expected to close in the third quarter of this year. Gilead will have the right to appoint two individuals to Tizona’s Board of Directors upon closing of the transaction.
Tizona will spin off TTX-030, the company’s investigational, an anti-CD39 antibody, in which it is partnered with AbbVie, into a separate entity prior to closing of the transaction with Gilead. TTX-030 is not subject to this agreement.