Gilead deal gives it option to buy California drugmaker for $1.25B

Gilead said July 21 it plans to invest $300 million to acquire a 49.9 percent stake in Brisbane, Calif.-based Tizona Therapeutics and has signed a deal giving it the option to acquire the rest of the drugmaker for an additional $1.25 billion. 

Tizona develops oncology drugs, which Gilead said will help it boost its immuno-oncology pipeline. 

Under the deal, Gilead has the option to acquire the rest of the company for $1.25 billion. Gilead can wait to acquire the rest of the company until Tizona completes a clinical trial of one of its experimental drugs, or it can acquire the company earlier, according to a news release

The companies said it expects the transaction to close in the third quarter of this year, subject to antitrust approval. 

Read Gilead's full news release here.

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