Gilead to acquire Corus Pharma for $365 million; Novartis to drop Corus lawsuit

By Elaine Rigoli

Tampa, Fla., July 19 - Gilead Sciences, Inc. has agreed to exercise its option to purchase Corus Pharma for $365 million and said it anticipates that the deal will close in the third quarter of 2006.

Concurrently, Gilead and Novartis Vaccine and Diagnostics, Inc. have entered into an agreement whereby Novartis will dismiss its ongoing litigation with Corus for an undisclosed payment.

In April, 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.

Gilead is a biopharmaceutical company with headquarters in Foster City, Calif.

Corus, located in Seattle, develops specialty products for respiratory and infectious diseases.

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