DURECT Corporation announced that it has entered into an agreement with Gilead Sciences, Inc. granting Gilead the exclusive worldwide rights to develop and commercialize a long-acting injectable HIV product utilizing DURECT’s SABER® technology. Gilead also received exclusive access to the SABER® platform for HIV and Hepatitis B Virus (HBV) and the exclusive option to license additional SABER-based products directed to HIV and HBV.
“We’re pleased to be working on this program with Gilead given their expertise and global leadership in the HIV and HBV fields,”
stated James E. Brown, President and CEO of DURECT.
“We’ve been working together on this program as a feasibility project, and are now delighted that Gilead has chosen to advance this effort into a formal development program.”
Under the terms of the agreement, Gilead Sciences will make an upfront payment to DURECT of $25 million, with the potential for up to an additional $75 million in development and regulatory milestones, up to an additional $70 million in sales based milestones, as well as tiered royalties on product sales.
Gilead has the exclusive option to license additional SABER-based products directed to HIV and HBV for an additional $150 million per product in upfront, development, regulatory and sales based milestones as well as tiered royalties on sales. The parties will collaborate on specified development activities with Gilead controlling and funding the development programs.