Gilead Sciences will invest $275m in return for a 49.9% stake as part of a deal that could see it purchase the cancer immunotherapy developer outright.

Biopharmaceutical firm Gilead Sciences agreed to pay $275m for a 49.9% stake in US-based immuno-oncology therapy developer Pionyr Immunotherapies on Tuesday as part of a wider agreement. The deal gives Gilead the option to fully acquire Pionyr for a further $315m, and the latter’s shareholders could eventually earn a total of $1.47bn in option exercise…

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