: Nurix’s stock rallies on Gilead’s option

Shares of Nurix Therapeutics Inc. NRIX gained about 6% in premarket trading on Monday after Gilead Sciences Inc. GILD said it exercised the option to exclusively license Nurix’s targeted protein degrader molecule, which is being considered as a tool to treat inflammatory conditions like rheumatoid arthritis. Per the terms, Gilead will pay $20 million upfront, with an additional $425 million in potential milestone payments. The companies first partnered in 2019, with Gilead making a $45 million upfront payment and giving Nurix the potential of $2.3 billion in additional milestones. Nurix’s stock is down 17.9% this year, while the S&P 500 SPX is up 2.4%.

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