HOOKIPA Pharma gains 51% after hours on amended agreement with Gilead
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HOOKIPA (NASDAQ:HOOK) shares are 51% higher in after-hours trading after it amended an agreement with Gilead Sciences (NASDAQ:GILD) for the development of an arenaviral immunotherapy as part of a HIV regimen.
In 2018, Gilead (GILD) licensed exclusive right to HOOKIPA's arenaviral platform to develop immunotherapies for HIV and hepatitis B virus. Under that pact, the companies would collaborate through a joint research phase, after which Gilead (GILD) had rights for further development.

Under the amended agreement, HOOKIPA (HOOK) is responsible for advancing the HIV program through the end of a Phase 1b clinical trial, with funding from Gilead (GILD) via an upfront payment. After the phase 1b trial is completed, Gilead (GILD) has the exclusive right to assume further development. The hepatitis B virus part of the agreement is unchanged.
HOOKIPA (HOOK) will receive a $15 million upfront fee with the amended agreement. It will also receive a $5M equity payment investment from Gilead (GILD) and up to $30M in additional equity financing.