Gilead exercises options on three Arcus programs for $725M; co-development and profit sharing

Arcus Biosciences, Inc.

Gilead paid $725M in option fees to exercise rights to three Arcus programs: anti-TIGIT, adenosine antagonist, and CD73.
Companies will co-develop and equally share US profits/losses; Gilead gets ex-US rights with mid-teens to low-twenties royalties.
Two new research targets added; Gilead can option each for $60M after IND-enabling activities; royalties high-single to low-double digits.
The existing $100M 2022 Continuation Payment will be eliminated if all three programs close; reduced if fewer close.
Transaction subject to HSR antitrust review.

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