Gilead Sciences to purchase CGI Pharmaceuticals

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.