– Collaboration Combines Gilead’s Oncology and Inflammation Expertise and Tentarix’s Tentacles™ Platform –

– Gilead Receives Exclusive Rights to Acquire Novel Therapies From this Collaboration

“At Gilead, a key area of our research strategy is addressing immune dysregulation in oncology and inflammatory diseases,” said Flavius Martin, M.D., Executive Vice President, Research, Gilead Sciences. “This early-stage collaboration with Tentarix will be highly synergistic to our ongoing efforts, building upon our growing strength in protein therapeutics, and may provide access to next-generation, multi-specific biologics.”

“This collaboration is part of our strategy to join forces with innovators, like Gilead, who can help us rapidly advance new medicines to the clinic,” said Paul Grayson, President and CEO of Tentarix Biotherapeutics. “Our technology has great promise and collaborating with Gilead to build out this pipeline helps broaden the development of multi-functional, antibody-based therapeutics, providing an excellent mechanism to validate our science with the ultimate goal of bringing these potential medicines to patients faster.”

Across the three collaborations, Tentarix will receive upfront payments and an equity investment from Gilead totaling $66 million. In addition, Gilead has the option to acquire up to three select Tentarix subsidiaries containing the programs developed under the collaborations for $80 million per subsidiary.

Beginning in the first quarter of 2022, consistent with recent industry communications from the U.S. Securities and Exchange Commission (SEC), Gilead no longer excludes acquired IPR&D expenses from its non-GAAP financial measures. We expect the transaction with Tentarix to reduce Gilead’s GAAP and non-GAAP 2023 EPS by approximately $0.03 - $0.04.