Arcus Biosciences Inc (RCUS) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 29, 2024, Arcus Biosciences, Inc. and Gilead Sciences, Inc. updated their partnership through three key agreements. They revised the Common Stock Purchase Agreement, resulting in Gilead buying over 15 million of the Company’s shares at $21 each, while maintaining their option to purchase more shares until mid-2025. The Investor Rights Agreement was also amended, giving Gilead the right to appoint up to three board members and establishing a Science Committee. Additionally, the companies modified their collaborative agreement to focus on advancing Phase 3 cancer studies, reallocating resources and discontinuing a non-small cell lung cancer study.
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For a comprehensive understanding of the announcement, you can read the full document here.
