Canada-based biotech Sierra Oncology has announced it has acquired momelotinib, an investigational therapy for the treatment of myelofibrosis developed by California-based Gilead Sciences. The deal includes an upfront $3m payment by Sierra, plus additional payments based on successful completion of precise milestones, up to a $195m maximum. Moreover, Gilead will be entitled to royalties on revenues once the product is marketed. Momelotinib has been tested on 1,200 patients in two different Phase III clinical trials. Gilead’s shares have risen 1%, while Sierra Oncology’s have lost more than 1.5%.
(Source: Sierra Oncology)