Nurix Therapeutics, Inc.’s $2.48 Billion Strategic Collaboration with Gilead Sciences, Inc.

Sidley represented Nurix Therapeutics on the deal

Gilead Sciences, Inc. (Nasdaq: GILD) and Nurix Therapeutics, Inc., a company discovering drugs that harness the body’s natural process to control protein levels, signed a global strategic collaboration to discover, develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with cancer and other challenging diseases.

Under the terms of the agreement, Nurix will receive an upfront payment of $45 million and will be eligible to receive up to approximately $2.3 billion in total additional payments based on the successful completion of certain research, pre-clinical, clinical, regulatory and commercialization milestones as well as up to low double-digit tiered royalties on net sales. For those programs that Nurix opts in to co-develop and co-detail, the parties will split development costs as well as profits and losses 50/50 for the U.S., and Nurix will be eligible to receive royalties on ex-U.S. sales and reduced milestone payments.

The Sidley team consisted of Technology and IP Transactions lawyers Tom Duley (Picture, San Francisco), Stephen Abreu (counsel, San Francisco) and Feola Odeyemi (associate, Washington, D.C.); and Tax Partner Daniel Altman (New York).

Involved fees earner: Stephen Abreu – Sidley Austin LLP; Daniel Altman – Sidley Austin LLP; Thomas Duley – Sidley Austin LLP; Feola Odeyemi – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Nurix, Inc. ;

Author: Ambrogio Visconti