Gilead buys Corus as Novartis drops litigation

Published: 21-Jul-2006

Gilead Sciences is to exercise its option to purchase Seattle-based Corus Pharma for US$365m.


Gilead Sciences is to exercise its option to purchase Seattle-based Corus Pharma for US$365m.

Back in April, biopharmaceuticals producer Gilead invested $25m in Corus, becoming the second largest shareholder in the company and gaining an exclusive option to purchase the remaining shares of the company.

Corus Pharma is a privately-held, venture capital backed company. Its lead drug candidate, Cayston (aztreonam lysine) is an inhaled antibiotic with activity against gram-negative bacteria, including Pseudomonas aeruginosa which can cause lung infections in patients with cystic fibrosis. The company is currently enrolling Phase 3 studies to evaluate the product.

"This investment will provide Corus with the resources to continue the important clinical trials of azteonam lysine," said Gilead's John Milligan executive vice-president and cfo.

Azteonam lysine was the subject of litigation brought by Chiron, a part of Novartis, but now Novartis has agreed to dismiss its ongoing litigation with Corus for an undisclosed payment.

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