Kymera-Gilead Partner on Novel Cancer Drug Development Worth $750M

Rhea-AI Filing Summary

Kymera Therapeutics (NASDAQ:KYMR) announced a major licensing deal with Gilead Sciences to develop novel oral molecular glue CDK2 degraders for oncology treatments. The agreement includes potential payments of up to $750 million, comprising $85 million in upfront and option exercise payments, plus tiered royalties ranging from high single-digit to mid-teens on net sales.

Kymera will lead research activities for the CDK2 program, while Gilead gains global rights to develop, manufacture, and commercialize resulting products upon exercising its option. The collaboration targets breast cancer and other solid tumors, representing a significant expansion of Kymera's therapeutic pipeline.

Positive

• Major collaboration with Gilead worth up to $750 million plus royalties
• Significant upfront payment potential of up to $85 million
• Retained control of research activities while leveraging Gilead's global development capabilities
• High-value royalty structure ranging from high single-digit to mid-teens

Negative

• Loss of global rights if Gilead exercises its option
• Success dependent on Gilead's decision to exercise the option
• Development risks and uncertainties in clinical outcomes
• Future revenue stream contingent on successful development and commercialization

Insights

Biotech Partnership Analyst

Major biotech collaboration strengthens Kymera's financial position and validates their molecular glue degrader platform technology.

This deal structure is particularly advantageous, combining substantial upfront economics with significant downstream value potential. The $85 million in near-term payments provides meaningful capital, while the $750 million total deal value and tiered royalties offer considerable long-term upside. The option-based structure allows Kymera to maintain program control through research stages while leveraging Gilead's development expertise and commercial infrastructure if exercised.

The focus on CDK2 degraders is strategically sound, addressing a high-value oncology target with established market potential in breast cancer and other solid tumors. This collaboration significantly de-risks Kymera's platform development while maintaining meaningful economic participation in future success.

Oncology Market Analyst

Partnership targets CDK2 inhibition, a promising therapeutic approach for breast cancer with multi-billion dollar market potential.

The development of oral molecular glue CDK2 degraders represents a sophisticated approach to targeting a well-validated cancer pathway. CDK2 inhibition has shown particular promise in breast cancer treatment, where current therapies often face resistance challenges. The collaboration leverages Kymera's innovative degrader technology with Gilead's established oncology presence, potentially accelerating the path to market for these novel therapeutics.

The broad potential in solid tumors beyond breast cancer significantly expands the commercial opportunity, justifying the substantial deal economics. This therapeutic approach could address significant unmet needs in multiple cancer indications.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 25, 2025

KYMERA THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-39460		81-2992166
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Kymera Therapeutics, Inc.

500 North Beacon Street, 4th Floor

Watertown, Massachusetts 02472

(Address of principal executive offices, including zip code)

(857) 285-5300

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trade Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		KYMR		The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On June 25, 2025, Kymera Therapeutics, Inc. (the “Company”) issued a press release, a copy of which is furnished herewith as Exhibit 99.1.

The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On June 25, 2025, the Company announced its entry into an exclusive option and license agreement with Gilead Sciences, Inc. (“Gilead”) to develop novel oral molecular glue cyclin-dependent kinase 2 (CDK2) degraders with broad oncology treatment potential including in breast cancer and other solid tumors.

Under the terms of the agreement, the Company is eligible to receive up to $750 million in total payments, including up to $85 million in upfront and potential option exercise payments. In addition, the Company may also receive tiered royalties ranging from high single-digit to mid-teens on net product sales under the collaboration. The Company will lead all research activities for the CDK2 program. If Gilead exercises its option to exclusively license the program, Gilead will have global rights to develop, manufacture and commercialize all products resulting from the collaboration.

The disclosure under this Item 8.01 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements about our expectations regarding strategy, business plans and objectives on the development of CDK2 degraders, Kymera’s plans with respect to the potential benefits of and Kymera’s expectations with respect to the collaboration with Gilead, the potential achievement of upfront, option exercise, milestone and royalty payments and the extent to which CDK2 degraders generally may address breast cancer and other solid tumors, including the therapeutic potential, clinical benefits and safety thereof. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target,” “upcoming” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this Current Report on Form 8-K are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from any forward-looking statements contained in this Current Report on Form 8-K, including, without limitation, risks associated with: the ability of each party to perform its obligations under the Kymera and Gilead option and license agreement, whether the parties will be able to successfully conduct and complete preclinical development, clinical development and commercialization of any drug candidates under the Kymera and Gilead collaboration, the unexpected emergence of adverse events or other undesirable side effects during preclinical and clinical development, whether Kymera will be able to fund development activities and achieve development goals, including those under the Kymera and Gilead collaboration, risks and uncertainties relating to the timing and receipt of payments from Kymera’s collaboration partners, including milestone payments and royalties on future potential product sales, the availability and timing of data from future clinical trials and the results of such trials, the ability to successfully demonstrate the safety and efficacy of drug candidates, the timing and outcome of planned interactions with and submissions to regulatory authorities, the availability of funding sufficient for our operating expenses and capital expenditure requirements and other factors. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent the Company’s views only as of the date on which it was made and should not be relied upon

as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Item 9.01. Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press release issued by Kymera Therapeutics, Inc. on June 25, 2025, furnished hereto.
104		Cover Page Interactive Data

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Kymera Therapeutics, Inc.
Date: June 25, 2025				By:		/s/ Nello Mainolfi
						Nello Mainolfi, Ph.D.

FAQ

What are the financial terms of KYMR's deal with Gilead?

The deal includes up to $750 million in total payments, with up to $85 million in upfront and option exercise payments, plus tiered royalties ranging from high single-digit to mid-teens on net product sales.

What therapeutic areas will KYMR's CDK2 degraders target?

The CDK2 degraders will target breast cancer and other solid tumors, with broad oncology treatment potential.

What is KYMR's role in the Gilead collaboration?

Kymera will lead all research activities for the CDK2 program. If Gilead exercises its option, they will gain global rights to develop, manufacture, and commercialize resulting products.

What rights does Gilead receive in the KYMR partnership?

If Gilead exercises its option, they will receive global rights to develop, manufacture and commercialize all products resulting from the collaboration.