Sierra Oncology Amends its Asset Purchase Agreement with Gilead for Momelotinib Signed in 2018

Shots:

• As per the amended agreement, Gilead will reduce the royalty rates of Momelotinib & eliminates milestone payments in exchange for becoming a stockholder in Sierra, following the closing of Sierra’s qualified financing. In Aug’2018, Sierra acquired Gilead’s Momelotinib for $3M up front, $195M milestones and royalties on sales
• Additionally, Sierra and Gilead Sciences would sign a securities purchase agreement, under which Gilead will receive 7.5% shares of Sierra’s common stock along with warrant to purchase its common stock for an additional 7.5% shares
• Momelotinib is a JAK1, JAK2 & ACVR1 inhibitor, potentially used for the treatment of myelofibrosis with the anticipated onset of P-III MOMENTUM study in the coming months

Click here to­ read full press release/ article | Ref: PRNewswire | Image: Glassdoor