Gilead To Acquire CGI Pharmaceuticals

Gilead Sciences will acquire CGI Pharmaceuticals, located in Branford, Conn., for up to $120 million in cash, most of which will be paid up front. The rest will come in recognition of clinical development milestones. CGI focuses on small-molecule protein kinase inhibitors. “The acquisition of CGI represents a unique opportunity to expand our research efforts in an interesting and promising area of drug discovery,” Gilead Chief Scientific Officer Norbert W. Bischofberger says. The companies expect to complete the deal in the third quarter, after which CGI will operate as a Gilead subsidiary.