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Gilead Sciences Agrees to Exercise Its Option to Acquire Corus Pharma for $365 Million

21 Jul 2006 - Gilead Sciences, Inc. 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.