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, and Yasin Akbari.
For additional details on the agreement, please read the press release and coverage in FiercePharma and BioSpace.