Precision BioSciences Says Gilead Ends Hepatitis B Collaboration

By Colin Kellaher

Precision BioSciences Inc. on Monday said Gilead Sciences Inc. is terminating a 2018 collaboration and license agreement, effective Sept. 4.

The Durham, N.C., clinical-stage biotechnology company said it will regain full rights and all data it generated for the in-vivo chronic hepatitis B virus program developed under the agreement.

Precision and Gilead in 2018 had agreed to develop genome-editing tools using Precision's proprietary Arcus platform to target viral DNA associated with hepatitis B. Under the agreement, Precision was entitled to receive up to about $40 million in research funding over an initial three-year term and milestone payments of up to $445 million.

Precision said it doesn't anticipate any changes to its cash runway as a result of the termination, adding that its $154.2 million of cash and cash equivalents at the end of the first quarter is sufficient to fund its operations into the second half of 2021.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

July 06, 2020 08:08 ET (12:08 GMT)

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