Gilead To Acquire Corus Pharma

Gilead Sciences has exercised its option to purchase Corus Pharma for $365 million. The transaction is expected to close in the third quarter of this year, subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

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.

Corus’ lead product candidate, aztreonam lysine for inhalation, is an antibiotic for Gram-negative bacteria, which can cause lung infections in patients with cystic fibrosis (CF). Phase III studies to evaluate the product as a potential treatment for CF-related pulmonary infections are currently enrolling. Corus is also exploring an inhalation formulation of two antibiotics for the potential treatment of respiratory infections and treatments for other respiratory diseases such as chronic cough and asthma.

“Cystic fibrosis represents an important area of unmet medical need and the early exercise of this option underscores the potential therapeutic advancement we believe aztreonam lysine represents for patients,” said John F. Milligan, Ph.D., executive vice president and chief financial officer, Gilead Sciences. “We intend to retain Corus’ Seattle-based operations, and we look forward to welcoming the Corus employees to Gilead and to working together to advance the development of aztreonam lysine.”

“We are excited to partner our efforts with a company that has demonstrated expertise and success in developing and commercializing novel products for infectious diseases, and whose leadership underscores the difference we can make for patients and physicians,” said A. Bruce Montgomery, M.D., chief executive officer of Corus. “The completion of this transaction will help Corus more rapidly develop aztreonam lysine and will fuel additional progress across our research pipeline.”