FX.co ★ Nurix Therapeutics Says Gilead Sciences Extends Ongoing Strategic Collaboration By Addl. Two Years

On Tuesday, Nurix Therapeutics, Inc., a biopharmaceutical company, announced that its existing collaboration with Gilead Sciences, Inc., which started in 2019, will be extended for an additional two years.

The collaborative agreement stipulates that Nurix will use its unique drug discovery platform to pinpoint new agents that employ E3 ligases to trigger the degradation of designated drug targets.

Gilead maintains the option to procure drug candidates resulting from the project, while Nurix retains the choice to co-develop and co-detail up to two programs in the United States, albeit with certain limitations.

In scenarios where Nurix decides to co-develop and co-detail, the two companies will evenly share development costs, profits, and losses for the US market. Additionally, Nurix can earn royalties on sales outside the US and receive reduced milestone payments.

With the extension of the agreement, Nurix will earn a $15 million extension fee and can potentially qualify for up to $73.5 million in preclinical milestones and promising future license payments. Furthermore, the potential total payments comprising development, regulatory, and sales milestones could reach $1.7 billion, along with royalties on future products.

Since the inception of the agreement in 2019, with Gilead's upfront payment of $45 million, Nurix has so far received an additional $70 million up to its fiscal year-end on November 30, 2023.