By Colin Kellaher

Gilead Sciences Inc. (GILD) on Wednesday said it would collaborate with privately held biotechnology company Nurix Therapeutics Inc. to develop new therapies for cancer and other diseases.

Gilead said it will make an upfront payment of $45 million to Nurix, which is working to discover drugs that harness the body's natural process to control protein levels.

San Francisco-based Nurix will also be eligible for up to roughly $2.3 billion in additional milestone payments, along with royalties on product sales, Gilead said.

The Foster City, Calif., biopharmaceutical company said it will have an option to license drug candidates directed to up to five targets resulting from its work with Nurix, which is backed by life-science investors Third Rock Ventures and Column Group.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 19, 2019 09:04 ET (13:04 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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