Gilead Buys CGI for Up To $120M
Gilead Sciences (NASDAQ: GILD), the Foster City, CA-based biotech company, said today it has agreed to acquire Branford, CT-based CGI Pharmaceuticals for as much as $120 million. Gilead has agreed to pay the majority of that sum upfront, and CGI could receive the rest if it achieves certain progress in clinical development. CGI has developed a library of small-molecule drugs that inhibit certain kinases that are thought to play a role in inflammatory diseases. CGI’s lead compound, in preclinical testing, is designed to hit spleen tyrosine kinase, a potential target for rheumatoid arthritis.