Gilead Sciences To Acquire CGI Pharmaceuticals For Up To $120M |
| Wall Street Journal - Jun 25, 2010 |
Gilead Sciences Inc. (GILD) has agreed to buy privately held drug developer CGI Pharmaceuticals Inc. for up to $120 million as the drug maker looks to expand into areas such as inflammatory diseases.
Chief Scientific Officer Norbert Bischofberger said the deal "represents a unique opportunity to expand our research efforts in an interesting and promising area of drug discovery." Gilead is known for its HIV treatments and discovering Tamiflu, which it licensed to Roche Holding AG (RHHBY).
The deal comes as a host of drug makers have been making licensing pacts with drug developers in hopes of bolstering their pipelines. Gilead will pay the majority upfront with cash on hand and the rest of payment will depend on clinical development progress.
CGI has been focused on developing preclinical compounds that could have potential to treat serious inflammatory diseases, including rheumatoid arthritis.
Read Full Article from Wall Street Journal
- Posted: 2010-06-25 09:01:57
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