Nurix gains as Gilead to license protein degradation drug candidate

Nurix Therapeutics

20/03/2023 13:04

** Shares of biopharma co Nurix Therapeutics  NRIX.O  rise
6.5% to $9.59 before the bell  
    ** Co says Gilead Sciences Inc  GILD.O  has agreed to
exclusively license its investigational protein-degradation drug
NX-0479
    ** The drug, which will now be known as GS-6791, is the
first candidate from a licensing deal between GILD and NRIX 
    ** NRIX will get $20 mln option fee from GILD, and could
receive up to $425 mln in milestone payments
    ** GS-6791 is designed to target the functions of
inflammation-causing IRAK4 protein, and has potential
application to treat inflammatory conditions like rheumatoid
arthritis
    ** As of last close, NRIX down ~18% so far this year 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))