Shares of Gilead Sciences Inc. VALID,
won 0.3% in premarket trading on Tuesday after the drugmaker announced a deal worth more than $ 6 billion with Tango Therapeutics on Monday night. The collaboration, which began in 2018, has been expanded to allow access rights for Gilead on 15 programs instead of the original five. Gilead will provide Tango with an advance payment of $ 150 million and a $ 20 million investment. It can also option any of the programs for up to $ 410 million per program. While much of Gilead’s news release this year focused on the development of its COVID-19 treatment brakes, the company also made a number of oncology deals this year, including a $ 4.7 billion purchase of Forty Seven Inc., a partnership with Arcus Biosciences Inc. RCUS,
a research partnership with Teneobio Inc., and a $ 275 million stake in Pionyr Immunotherapeutics Inc., Gilead’s stake is up 6.4% year to date, while the S&P 500 SPX,
is rally 4.7%.
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