Gilead Sciences is acquiring Corus by exercising an option it gained when it invested $25 million in the company in April. At that time it became the second largest shareholder in the company and gained an exclusive option to purchase the remaining shares of the company, said Guy Seaton, CFO of Corus. Gilead will pay $365 million for the purchase and anticipates the deal will close in the third quarter of 2006.
Corus has three drugs in the pipeline with one, an inhaled antibiotic for respiratory infections in cystic fibrosis, in Phase III. “The respiratory disease focus of the company is a good addition to Gilead’s strengths in HIV and hepatitis,” added Seaton.