Gilead licenses protein degrader from Nurix Therapeutics

In line with a 2019 agreement, Gilead Sciences (NASDAQ:GILD) has exercised its option to exclusively license an investigational protein degrader from clinical-stage biotech Nurix Therapeutics (NASDAQ:NRIX), the companies announced Monday.
The candidate, named GS-6791, is designed to impact IRAK4 degradation, a biological process believed to mediate inflammatory diseases such as rheumatoid arthritis (RA).
It is the first drug candidate Gilead (GILD) has selected for licensing as part of its 2019 global strategic collaboration with Nurix (NRIX), under which it could license drug candidates directed to up to five targets.
The transaction will generate a $20M option exercise payment for Nurix (NRIX) in addition to $425M in milestone payments and up to low double-digit royalties on product net sales.
Read: Seeking Alpha contributor Avisol Capital Partners identifies Nurix (NRIX) as “an early stage company” with “a good amount of cash and some solid if early data.”