Mergers & Acquisitions ·
Vir Biotechnology enters collaboration with Gilead Sciences and receives $25M equity investment
VIRVir Biotechnology, Inc.
Vir Biotechnology entered a global strategic collaboration with Gilead Sciences to discover three novel PRO-XTEN dual-masked T-cell engagers targeting solid tumors. Concurrently, Gilead purchased 1,765,486 shares of Vir common stock at $14.16 per share for approximately $25 million. Under the agreement, Vir will receive a total upfront consideration of $90 million, including the equity investment and $65 million in cash, plus up to $45 million in near-term preclinical milestones. Vir is eligible for up to $1.74 billion in further development, regulatory, and commercial milestones, along with tiered royalties on net sales. Gilead holds an exclusive license to develop and commercialize the candidates. Vir Biotechnology is a clinical-stage biopharmaceutical company focused on discovering and developing medicines for infectious diseases and cancer.