Gilead Strengthens Early Pipeline in Oncology and Inflammation Through the Acquisition of XinThera
May 09 2023 - 7:30AM
Business Wire
– Acquisition of XinThera Provides Gilead
with Precision Small Molecules Focused on PARP1 and MK2 Inhibitors
–
Gilead Sciences, Inc. (Nasdaq: GILD) today announced the
acquisition of all outstanding shares of XinThera, a privately held
biotech company in San Diego. The acquisition complements Gilead’s
existing clinical development priorities by adding additional
pipeline assets for well-validated targets in oncology and
inflammation.
Through the acquisition, Gilead gains rights to a portfolio of
small molecule inhibitors targeting PARP1 for oncology and MK2 for
inflammatory diseases that could enter clinical trials later this
year. Both programs have the potential to address multiple
indications, offering broad development opportunities alone and in
combination with Gilead’s portfolio.
“The team at XinThera has developed research assets with the
potential to target the DNA damage repair pathway in treating
cancer and direct the body’s immune response in inflammatory
diseases, both of which may improve outcomes for people living with
these diseases,” said Flavius Martin, M.D., Executive Vice
President, Research, Gilead Sciences. “Guided by our scientific
framework, this acquisition will allow us to further expand our
early pipeline of diverse assets that will continue to fuel our
durable late-phase portfolio.”
“Gilead and XinThera share similar missions to discover new
therapies to treat cancer and inflammatory diseases, which drive
our determination to unlock the body’s ability to better respond to
these diseases,” said Chris LeMasters, who served as XinThera CEO.
“We are eager to join Gilead and together explore the potential of
our precision medicines as critical components of the next
generation of therapies targeting diseases with high unmet
need.”
First-generation, dual PARP1/2 inhibitors have been shown to be
highly efficacious in the treatment of patients with homologous
recombination deficiency (HRD) tumors with BRCA-mutations such as
breast, ovarian, prostate, and pancreatic cancers, but their use is
limited due to hematological toxicities. PARP1 selective inhibitors
have the potential to mitigate the hematological toxicities seen in
first-generation, dual PARP1/2 inhibitors and enable combination
with a wide variety of DNA-damaging agents, including systemic
chemotherapy and targeted agents such as Trodelvy® (sacituzumab
govitecan-hziy). For important safety information, including boxed
warning, for Trodelvy, please see full Prescribing
Information.
The financial terms of the agreement were not disclosed.
Beginning in the first quarter of 2022, consistent with recent
industry communications from the U.S. Securities and Exchange
Commission (SEC), Gilead no longer excludes acquired IPR&D
expenses from its non-GAAP financial measures. We expect the
transaction with XinThera to reduce Gilead’s GAAP and non-GAAP 2023
EPS by approximately $0.12 - $0.15.
About XinThera
XinThera is a private biotechnology company whose mission is to
develop best-in-class small molecule drugs to treat cancer and
immunologic diseases. The company was founded in 2021 by Stephen
Kaldor, Ph.D., Qing Dong, Ph.D., and Gene Hung, M.D., and is
headquartered in San Diego. XinThera is backed by a group of
international investors including Foresite Capital, OrbiMed
Advisors, LLC and TTM Capital.
About Gilead Sciences
Gilead Sciences, Inc. is a biopharmaceutical company that has
pursued and achieved breakthroughs in medicine for more than three
decades, with the goal of creating a healthier world for all
people. The company is committed to advancing innovative medicines
to prevent and treat life-threatening diseases, including HIV,
viral hepatitis and cancer. Gilead operates in more than 35
countries worldwide, with headquarters in Foster City,
California.
Gilead Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks, uncertainties and other factors,
including Gilead’s ability to realize the anticipated benefits from
the transaction; difficulties or unanticipated expenses in
connection with the acquisition or integration and the potential
effects on Gilead’s earnings; Gilead’s ability to initiate,
progress or complete clinical trials within currently anticipated
timelines or at all, and the possibility of unfavorable results
from ongoing or additional trials, including those involving
XIN5789 and XIN5494; the possibility that Gilead may make a
strategic decision to discontinue development of any of the
acquired investigational agents, and therefore these
investigational agents may never be successfully commercialized;
and any assumptions underlying any of the foregoing. These and
other risks, uncertainties and other factors are described in
detail in Gilead’s Annual Report on Form 10-K for the year ended
December 31, 2022, as filed with the U.S. Securities and Exchange
Commission. These risks, uncertainties and other factors could
cause actual results to differ materially from those referred to in
the forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. The reader is cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties and is cautioned not to place
undue reliance on these forward-looking statements. All
forward-looking statements are based on information currently
available to Gilead, and Gilead assumes no obligation and disclaims
any intent to update any such forward-looking statements.
Gilead and the Gilead logo are trademarks of
Gilead Sciences, Inc., or its related companies. For more
information about Gilead, please visit the company’s website at
www.gilead.com, follow Gilead on Twitter (@GileadSciences) or call
Gilead Public Affairs at 1-800-GILEAD-5 or 1-650-574-3000.
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005799/en/
Jacquie Ross, Investors investor_relations@gilead.com
Meaghan Smith, Media public_affairs@gilead.com
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