Posted on 28/06/2010 in Pharmaceutical Company Restructures Gilead Sciences has agreed a deal to purchase CGI Pharmaceuticals, a privately-held healthcare firm which specialises in small molecule chemistry and kinase biology.
The firm has developed a range of small molecule kinase inhibitors, which Gilead believes could have potential applications in treating inflammatory conditions such as rheumatoid arthritis.
As a result, it will be paying up to a total of $120 million (79.7 million pounds) to make CGI a wholly-owned Gilead subsidiary, with the takeover set to be concluded at some point during the third quarter of 2010.
Dr Norbert Bischofberger, Gilead's executive vice-president of research and development and chief scientific officer, said CGI's "scientific leadership" represents a strong fit with Gilead's research interests.
He added: "The acquisition of CGI represents a unique opportunity to expand our research efforts in an interesting and promising area of drug discovery."
Last week, Gilead published new phase III clinical trial results for Cayston, an inhalation-based treatment for sufferers of cystic fibrosis.Other news stories from 28/06/2010
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