Vir Bio, Gilead sign solid-tumor TCE deal: $90M upfront, up to $1.74B milestones

Vir Biotechnology, Inc.

Gilead to pay $90M upfront ($65M cash plus $25M equity at a 30% premium) and up to $45M in near-term preclinical milestones, totaling up to $135M.
Vir eligible for up to $1.74B in development, regulatory and commercial milestones plus tiered high single-digit to low double-digit royalties on net sales.
Deal covers three novel PRO-XTEN dual-masked T-cell engager candidates targeting selected solid tumor-associated antigens, with Gilead holding an exclusive license.
Gilead to buy 1,765,486 VIR shares at $14.16/share (~$25M) under a Stock Purchase Agreement with 1-year standstill, voting and lockup provisions.
Vir handles discovery, design and optimization; Gilead leads development, manufacturing and commercialization. Vir's second PRO-XTEN collaboration.

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