Shots:

• Arcus to receive $375M including $175M up front & $200M as equity investment at a price of $33.54/ share with a premium of 35% and is eligible to receive $1.225B as in opt-in and milestones concerning its current clinical product candidates.  Gilead will support the ongoing research and development by paying $400M during the collaboration while the transaction is expected to be closed in Q3’20
• Gilead will get access to Arcus’ immuno-oncology products including rights to zimberelimab- as well as the right to opt-in to all other current Arcus’ clinical candidates- that include AB154- AB928 and AB680- upon payment of an opt-in fee as $200M-$275M/ program.  If Gilead opts-in to the AB154- Arcus is eligible to receive up to $500M on US approval
• Gilead will receive the right to opt-in to all other programs emerges from Arcus’s research portfolio over the next 10yrs. with an opt-in fee of $150M/program. Following exercises- the option- the companies will co-develop & share global development costs- will co-commercialize & share profits in the US. In addition to all other rights- Gilead will get exclusive rights to commercialize any optioned programs outside of the US in exchange of royalties

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