Gilead To Pay Up To $120M For CGI Pharmaceuticals

Law360, New York (June 25, 2010, 11:35 AM EDT) -- Biopharmaceutical company Gilead Sciences Inc. has agreed to buy privately held drug discovery company CGI Pharmaceuticals Inc. for up to $120 million, in a deal that broadens the reach of Gilead's research into kinase biology and chemistry.

Foster City, Calif.-based Gilead said Friday that it would pay upfront for most of the acquisition and would pay for the rest based on the progress of clinical development, all of which will be financed with cash on hand.

“The acquisition of CGI represents a unique opportunity to expand...
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