The Life Sciences team advised Abingworth (NASDAQ: CG) on its strategic development financing agreement with Gilead Sciences. The financing agreement will provide up to $210 million in funding to support select clinical studies of Trodelvy® (sacituzumab govitecan-hziy), within non-small cell lung cancer. As part of the agreement, Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, and Gilead have entered into a clinical collaboration agreement that establishes a Joint Steering Committee throughout development.
Gilead retains full rights to Trodelvy and, if development is successful, Abingworth would receive a fixed payment upon regulatory approval of a pre-defined label expansion, as well as royalty payments based on U.S. Trodelvy net sales within the specific tumor type.
Abingworth is a leading transatlantic life sciences investment firm, part of global investment firm Carlyle. The company helps transform cutting-edge science into novel medicines by providing capital and expertise to top caliber management teams building world-class companies.
The Goodwin team was led by Richard Hoffman, Yasin Akbari, Amarilice Young and EA Weeks.
For additional details on the agreement, please read the press release and coverage in FiercePharma and BioSpace.