Pionyr Immunotherapeutics Inc, a clinical stage company developing cancer immunotherapies, said on Thursday that it has mutually agreed with biopharmaceutical company Gilead Sciences Inc (Nasdaq:GILD) to change their exclusive option agreements.

In 2020 Gilead paid USD275m for a 49% equity stake in Pionyr and agreed to fund its clinical and research activities in exchange for an exclusive option to acquire Pionyr for a pre-set price and contingent payments.

Gilead has now waived its exclusive option to acquire Pionyr, but will retain its equity stake in the company.

Pionyr will be responsible for ongoing development of its pipeline. The company is free to pursue fundraising and partnering opportunities as part of its ongoing strategy, and said it has the resources to advance its pipeline for the next two years.

"We've made significant progress with our Myeloid Tuning platform and our clinical stage pipeline, and we are in a strong position to reach multiple inflection points for all of our programs in the next 12 to 18 months," commented Steven P James, CEO of Pionyr. "We have appreciated the collaboration with Gilead over the last two and a half years, and their support has put us in a strong position to continue our mission of dramatically improving the treatment of cancer."