Gilead Sciences, Inc. (Nasdaq:GILD) today announced that
it has agreed to exercise its option to purchase Corus Pharma 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, subject to clearance under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 and satisfaction
of other closing conditions. 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.
Gilead management will discuss this planned acquisition on the
company's Second Quarter 2006 Earnings conference call scheduled for
Thursday, July 20th at 1:30 p.m. Pacific Time.
About Gilead Sciences
Gilead Sciences is a biopharmaceutical company that discovers,
develops and commercializes innovative therapeutics in areas of unmet
medical need. The company's mission is to advance the care of patients
suffering from life-threatening diseases worldwide. Headquartered in
Foster City, California, Gilead has operations in North America,
Europe and Australia. For more information on Gilead Sciences, please
visit the company's website at www.gilead.com or call Gilead Public
Affairs at 1-800-GILEAD-5 or 1-650-574-3000.
About Corus Pharma
Corus Pharma is committed to developing and commercializing
specialty products for respiratory and infectious diseases that can
help provide improved health and superior quality of life. Corus is a
privately-held, venture capital backed company whose investors include
Bear Stearns Health Innoventures, Burrill & Company, JPMorgan Partners
(now known as Panorama Capital), Novo A/S, Orbimed Advisors and
others. More information about Corus Pharma may be found at
www.coruspharma.com.
This press release includes forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, that
are subject to risks, uncertainties and other factors including the
risks to both companies that the acquisition of Corus will not be
consummated as the transaction is subject to certain closing
conditions. In addition, if and when the transaction is consummated,
there will be risks and uncertainties related to our ability to
successfully integrate the products and employees of Gilead and Corus
and the ability of aztreonam lysine for inhalation to receive
regulatory approvals or market acceptance. These risks, uncertainties
and other factors could cause actual results to differ materially from
those referred to in the forward-looking statements. The reader is
cautioned not to rely on these forward-looking statements. These and
other risks are described in detail in Gilead's Annual Report on Form
10-K for the year ended December 31, 2005, Quarterly Report on Form
10-Q for the first quarter of 2006 and subsequent current reports on
Form 8-K as filed with the U.S. Securities and Exchange Commission.
All forward-looking statements are based on information currently
available to Gilead and Gilead assumes no obligation to update any
such forward-looking statements.
