Gilead Sciences to Acquire Corus Pharma

PharmaManufacturing.com
07/20/2006

Gilead Sciences, Inc. (Foster City, Calif.) announced July 19 that it has agreed to exercise its option to purchase Corus Pharma (Seattle, Wash.) for $365 million. Gilead expects formal exercise of this option to be enacted within 10 business days, and anticipates that the deal would close in the third quarter of 2006. Concurrently, Gilead and Novartis Vaccine and Diagnostics, Inc. have entered into an agreement whereby Novartis has agreed to dismiss its ongoing litigation with Corus for an undisclosed payment.

In April 2006, Gilead invested $25 million in Corus, becoming the second largest shareholder in the company and gaining an exclusive option to purchase the remaining shares of the company.

For more information on Gilead Sciences, visit www.gilead.com. Additional information about Corus Pharma may be found at www.coruspharma.com.