WASHINGTON—Covington advised Gilead Sciences, Inc. in its license and collaboration agreement with Lakefront Biotherapeutics NV.
Under the agreement, Gilead and Lakefront will collaborate on the development of Ouro’s lead product candidate (gamgertamig), with Lakefront generally responsible for phase 1/2 studies and Gilead leading registrational and later-stage studies. Gilead will retain all commercialization rights for gamgertamig and will pay Lakefront tiered royalties of 20 percent to 23 percent of net sales.
Lakefront also receives license rights to three additional autoimmune focused programs originally from Ouro, with an opt-in right for Gilead for a 50/50 profit split post clinical proof-of-concept for $75 million per program.
Gilead is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation.
Lakefront (formerly known as Galapagos) is a biotechnology company built to bring meaningful medicines to patients with serious diseases in therapeutic areas of unmet need. The company combines world-class deal making expertise with capital to identify, acquire, and advance promising opportunities that have the potential to drive value for patients and shareholders.
The Covington team was led by Lauren Rakitin and Julienne Hearn. Other team members included Sara Needles, Robert Kim, Libby Buchanan, and Eric Hendrickson (life sciences transactions), Robin Blaney, Michael Stern, and Anna Sims (regulatory), Nicole Duclos (arbitration), Libbie Canter and Tito Adetula (data privacy), and Ansgar Simon (tax).
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