On March 23, Pionyr Immunotherapeutics, a developer of cancer immunotherapy, announced that it and Gilead Sciences had mutually agreed to amend their 2020 Exclusive Option Agreement. Gilead has relinquished its exclusive option to acquire Pionyr and certain other rights under the 2020 agreement.
Pionyr stated that the company is now free to pursue financing and partnership opportunities. Gilead will retain its 49% equity stake in Pionyr, as well as the right to review new data under specific conditions.
In June 2020, Gilead Sciences announced the acquisition of a 49.9% stake in Pionyr Immunotherapeutics for $275 million, while also securing an exclusive option to purchase the remaining 50.1% stake for $315 million.