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Gilead Sciences Inc (NASDAQ:GILD) announced an agreement with Compugen Ltd (NASDAQ:CGEN) to license its pre-clinical antibody program against IL-18 binding protein exclusively, including the COM503 drug candidate.
COM503 is a potential first-in-class, high-affinity antibody that blocks the interaction between IL-18 binding protein and IL-18, releasing natural IL-18 in the tumor microenvironment and inhibiting cancer growth.
Under the terms of the agreement, Compugen will be responsible for the ongoing pre-clinical development and the future Phase 1 study of COM503. After that, Gilead will have the sole right to develop and commercialize COM503.
Gilead will make Compugen an upfront payment of $60 million and $30 million in a near-term milestone payment subject to IND clearance of COM503 expected in 2024.
Compugen will also be eligible to receive up to an additional $758 million in future development, regulatory, and commercial milestone payments, with a total deal value of $848 million.
Compugen will also be eligible to receive single-digit to low double-digit tiered royalties on worldwide net sales.
This transaction with Compugen is expected to reduce Gilead's GAAP and non-GAAP 2023 EPS by approximately $0.03-$0.05.
Concurrently, Compugen also said it will be eligible to receive a milestone payment of $10 million from AstraZeneca Plc (NASDAQ:AZN) when the first patient is dosed in AstraZeneca's ARTEMIDE-Bil01 trial with rilvegostomig derived from Compugen's clinical-stage anti-TIGIT antibody, COM902.
The ARTEMIDE-Bil01 trial is expected to recruit about 750 subjects with biliary tract cancer.
Price Action: CGEN shares are up 152.10% at $1.84 on the last check Tuesday.
