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Gilead Decides On Bigger Dance Floor With Tango

Immuno-Oncology Collaboration Expands To Up To 15 Novel Targets

 
• By Joseph Haas

Gilead is making a $20m equity investment in Tango, with the biotech’s series B backers also increasing their investments.

Feet of professional tango dancers in dancing movement on bright background indoors
A discovery deal between Gilead and Tango is turning into a dance marathon

Promising early results from a target discovery collaboration with Gilead Sciences, Inc. are yielding multiple windfalls for Tango Therapeutics, Inc. – Gilead is increasing the size and scope of the original collaboration inked in 2018, it is making a $20m equity investment in Tango, and that is prompting Tango’s existing series B backers to purchase further equity to maintain their ownership proportion in the biotech.

All told, Tango gets $125m up front from Gilead in addition to the $20m investment, the partners announced 17 August. In exchange, the agreement now covers seven years and up to 15 novel targets for immune evasion therapies in cancer. For each program Gilead brings in house under the deal, Tango can earn up to $410m in earnouts, meaning a potential aggregate value of about $6.15bn for the deal. And the Cambridge, MA-based firm also announced a $50m step-up to the $60m series B financing it announced in April

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