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BRIEF-Sierra Oncology And Gilead Sciences Agree On Amendments To Asset Purchase Agreement For Momelotinib

Published 2019-11-07, 11:15 a/m
© Reuters.  BRIEF-Sierra Oncology And Gilead Sciences Agree On Amendments To Asset Purchase Agreement For Momelotinib
SRRA
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Nov 7 (Reuters) - Sierra Oncology Inc SRRA.O :

* SIERRA ONCOLOGY AND GILEAD SCIENCES AGREE ON AMENDMENTS TO ASSET PURCHASE AGREEMENT FOR MOMELOTINIB

* SIERRA ONCOLOGY INC - GILEAD TO REDUCE MOMELOTINIB COMMERCIAL ROYALTY RATES IN EXCHANGE FOR EQUITY IN SIERRA

* SIERRA ONCOLOGY INC - AMENDMENTS BECOME EFFECTIVE UPON SIERRA ONCOLOGY CLOSING A QUALIFIED FINANCING

* SIERRA ONCOLOGY INC - AMENDMENTS ALSO AFFIRM GILEAD'S SUPPORT FOR CONTINUED DEVELOPMENT OF MOMELOTINIB

* SIERRA ONCOLOGY INC - FOLLOWING CLOSING BY SIERRA OF A QUALIFIED FINANCING, GILEAD WILL BECOME A STOCKHOLDER IN SIERRA

* SIERRA ONCOLOGY INC - FOLLOWING CLOSING BY SIERRA OF A QUALIFIED FINANCING, ANNUAL ROYALTY RATES PAYABLE TO GILEAD WILL BE REDUCED

* SIERRA ONCOLOGY INC - IN CONSIDERATION FOR AMENDMENT, CO & GILEAD SCIENCES WOULD ENTER INTO A SECURITIES PURCHASE AGREEMENT

* SIERRA ONCOLOGY - WILL ELIMINATE MILESTONE PAYMENT THAT WOULD BE DUE TO GILEAD IN COMING MONTHS WITH ANTICIPATED INITIATION OF MOMENTUM PHASE 3 TRIAL

* SIERRA ONCOLOGY INC - PURSUANT TO SECURITIES PURCHASE AGREEMENT, CO WOULD ISSUE TO GILEAD SCIENCES, CO'S SHARES & A WARRANT TO PURCHASE CO'S STOCK

* SIERRA ONCOLOGY - AGREED TO AMEND ITS ASSET PURCHASE AGREEMENT WITH GILEAD SCIENCES, INC. FOR MOMELOTINIB UPON SIERRA CLOSING A QUALIFIED FINANCING

* SIERRA ONCOLOGY INC - SHARES TO BE ISSUED TO GILEAD SCIENCES WOULD BE EQUAL TO 7.5% OF CO'S OUTSTANDING SHARES, AFTERCERTAIN ADJUSTMENTS

* SIERRA ONCOLOGY INC - WARRANT WOULD BE EXERCISABLE TO PURCHASE UP TO AN ADDITIONAL 7.5% OF CO'S OUTSTANDING SHARES

* SIERRA ONCOLOGY INC - RETAINS GLOBAL COMMERCIALIZATION RIGHTS TO MOMELOTINIB, SRA737 AND SRA141

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