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GILEAD SCIENCES

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Gilead Sciences : With $45M Nurix Deal, Gilead Enters Crowded Protein Degradation Field

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06/20/2019 | 08:42am EDT

Gilead Sciences is turning to Nurix Therapeutics in an effort to discover new drugs that harness the cellular machinery our bodies use to dispose of damaged or harmful proteins.

Foster City, CA-based Gilead (NASDAQ: GILD) will pay Nurix$45 million up front to kickstart the alliance, through which the companies aim to develop drugs for cancer and other unspecified diseases. The deal also includes up to $2.3 billion in potential downstream payments for Nurix, though the San Francisco startup would have to hit a variety of development and sales targets to get that cash. The deal does not include Nurixs most advanced program, a potential cancer drug in preclinical testing.

In aligning itself with Nurix, Gilead is jumping into an increasingly competitive field of drug research known as protein degradation. Nurix is one of several companiesincluding Arvinas (NASDAQ: ARVN), Kymera Therapeutics, C4 Therapeutics, and several othersdeveloping drugs that are meant to cause the proteasome, the bodys cellular garbage disposal, to get rid of problematic proteins. The strategy is attractive to drugmakers because it may expand the reach of traditional small-molecule drugs, enabling them to get to proteins they previously couldnt.

Celgene (NASDAQ: CELG), for instance, paid Nurix$150 million in 2015 to tap into its protein degradation work via a pact focused on inflammatory and neurological diseases. Two programs have emerged from the partnership. Both are still preclinical. Arvinas raised $120 million through an IPO last year. C4 Therapeutics has deals with Roche, Calico, and Biogen (NASDAQ: BIIB). And just last month, Vertex Pharmaceuticals (NASDAQ: VRTX) formed a research pact with Kymera.

The Nurix deal gives Gilead the option to license drugs for up to five different disease targets. Nurix has the option to split US rights, profits, and development costs for up to two of them. If it exercises those options, Nurix would get royalties from sales outside of the US, but reduced milestone payments.

(c) 2019 TehranTimes. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ARVINAS INC -0.29% 24.41 Delayed Quote.89.96%
GILEAD SCIENCES -3.23% 65.04 Delayed Quote.3.98%
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Financials (USD)
Sales 2019 22 022 M
EBIT 2019 11 470 M
Net income 2019 7 013 M
Debt 2019 2 514 M
Yield 2019 3,87%
P/E ratio 2019 11,9x
P/E ratio 2020 11,8x
EV / Sales2019 3,87x
EV / Sales2020 3,54x
Capitalization 82 702 M
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Number of Analysts 27
Average target price 80,65  $
Last Close Price 65,04  $
Spread / Highest target 46,1%
Spread / Average Target 24,0%
Spread / Lowest Target -9,29%
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NameTitle
Gregg H. Alton Chief Executive & Patient Officer
John C. Martin Chairman
Robin L. Washington CFO, Principal Accounting Officer & Executive VP
John G. McHutchison Chief Scientific Officer
George Pratt Shultz Director-Emeritus
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