Gilead waives rights to acquire immune-oncology biotech Pionyr
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South San Francisco, California-based immune-oncology company Pionyr Immunotherapeutics announced Thursday that Gilead (NASDAQ:GILD) has agreed to waive an exclusive option to acquire it, which was part of their previously disclosed exclusive option agreements.
In 2020, Gilead (GILD) agreed to pay $275M to acquire 49.9% of the equity in the privately held company and an exclusive option to purchase the remainder.

Per the terms, Pionyrâs shareholders were set to receive up to $1.47B option exercise fees and future milestone payments.
Under the amended terms, Gilead (GILD) will retain its 49% stake in Pionyr as well as its right to review newly released data under certain conditions.

However, the pharma giant has declined certain other rights and an exclusive option to acquire the remaining stake, which, according to the terms of the prior deal, was available for a $315M option exercise fee and up to $1.5B in milestone payments.